AAP

Oil prices finished last week higher but pulled back sharply from early highs on concerns that continued spread of the novel coronavirus could stall the United States' economic rebound.

Gold gained on Friday as a rise in coronavirus cases raised concerns of a second wave of the pandemic that could compel governments to implement new lockdowns.

The Australian share market has finished flat, fading in the afternoon after being up as much as 1.2 per cent after government data showed retail sales rebounded in May.

Retail trade rebounded a record 16.3 per cent in May, following a 17.7 per cent plunge in April, amid a gradual easing of coronavirus-related restrictions during the month.

The consumer watchdog has criticised Qantas for failing to tell customers they were entitled to refunds for flights cancelled due to coronavirus.

Prime Minister Scott Morrison says Australian private and public sector organisations are being targeted in a sophisticated cyber attack by a foreign entity.

The Morrison government wants to steer young Australians into degrees that lead to jobs and will more than double the cost of humanities studies to do so.

The Australian Broadcasting Corporation will cough up a "sorry" payment for underpaying almost 2,000 staff by $12 million.

Mining giant Rio Tinto has announced a board-led review of its "heritage management processes" following criticism of its destruction of ancient rock shelters in the Pilbara.

Australian shares have risen by half a per cent in early trade following a slightly positive lead on Wall Street overnight.

Oil prices rose slightly overnight as a panel of OPEC and allies met to review record oil supply cuts, even as the market remained concerned about additional coronavirus cases reported in parts of the United States and China.

Gold eased overnight after data showed fewer jobless claims in the United States and reports Beijing was bringing its latest coronavirus outbreak under control, but mounting infections globally limited losses for the safe-haven metal.

Australian shares have fallen, with every sector but one in retreat, after new data showed the country's unemployment rate jumped to 7.1 per cent in May.

Westpac has sold its remaining 9.5 per cent stake in fund manager Pendal Group for about $185.4 million.

The ASX has fallen more than half a percentage point in early trade due to rising coronavirus cases in parts of the US and Beijing.

Oil prices settled lower overnight on fuel demand worries due to an uptick in coronavirus cases, with emerging hotspots in China and the United States, and as US crude stocks grew again, taking commercial inventories to another all-time high.

Gold prices were little changed overnight, buoyed by concerns over a second coronavirus wave and expectations that the US Federal Reserve would maintain low interest rates in the near term, while a firm dollar put a lid on gains.

The ASX has closed higher for a second day, closing just under 6,000 despite the heavyweight mining sector losing ground.

Traditional owners who were devastated by Rio Tinto's destruction of ancient rock shelters in the Pilbara say they are trying to restore their fractured relationship but question the sincerity of the company's apology.

The ASX has closed higher for a second day, closing just under 6,000 despite the heavyweight mining sector losing ground.

Former bureaucrat Paul Whyte has pleaded guilty to more than 500 charges stemming from Western Australia's biggest public sector theft.

BHP has hired biotech CSL's finance boss, David Lamont, who will return to the mining giant.

New laws to overhaul Western Australia's much-criticised unpaid fines regime have been passed by the state's parliament.

The Australian share market has crept almost half a percentage point higher in early trade after US indices climbed on a record jump in retail sales and the prospect of more economic stimulus.

Oil prices rose 3 per cent in volatile trade overnight as Wall Street surged and the International Energy Agency (IEA) increased its oil demand forecast for 2020, but gains were capped by worries about a second wave of coronavirus cases.

Gold edged up overnight as concerns over a fresh coronavirus outbreak in China countered a surge on Wall Street driven by a record rise in US retail sales and optimism over a COVID-19 drug.

The Australian share market has rallied in its best day since April 6 after the US Federal Reserve began purchasing corporate bonds, sending a flood of cash into global markets.

The ASX has surged by more than 3.0 per cent in early trade after US investors lapped up a Federal Reserve pledge to buy individual corporate bonds.

Western Australia's screen production industry has received a $16 million boost to encourage work in regional areas and help local economies.

Oil prices rose more than 2 per cent overnight as signs that fuel demand was recovering, while OPEC+ members were complying with a production cut deal, outweighed fears that new coronavirus infections could further slow the global economy.

Gold fell more than 1 per cent overnight as the dollar hovered near a more than one-week high, but the metal held above $US1,700 an ounce, buoyed by fears of a second wave of coronavirus infections.

The Australian share market has closed sharply lower for a third straight day following a sell-off in the last 90 minutes of trade, amid fears of a second wave of COVID-19 infections in the US and China.