AAP

Global oil benchmark Brent crude plunged to its cheapest in almost 18 years overnight and US crude briefly tumbled below $US20 per barrel on growing fears the global coronavirus shutdown could last months and demand for fuel will decline further.

Gold prices inched up on Monday after an extension of restrictions in the United States exacerbated concerns about the economic toll of the coronavirus pandemic, driving investors to safe-haven assets.

UPDATED: Woodside Petroleum has dropped plans for a 14-week fly-in, fly-out roster after presenting the option to its staff, opting instead for a less radical change as the oil and gas giant, along with mining companies, seeks to reduce the amount of travel to its remote sites.

The Australian share market has rallied hard in its final minutes for its best day ever after Prime Minister Scott Morrison announced the government's fiscal stimulus measures.

An 11th hour agreement has resulted in 29 passengers from the Artania cruise ship who have tested positive for COVID-19 being transferred to Joondalup Health Campus, after earlier proposals to shift them to Hollywood Private Hospital, the Mount Hospital and Bethesda Health Care were criticised.

Australian banks will extend the six-month deferral of loans to 30,000 more businesses to help them cope with the COVID-19 pandemic.

The Australian share market has shaken off a weak lead from Wall Street to rise early as government prepares to announce further economic support measures for businesses amid the COVID-19 pandemic.

Oil prices plunged another five per cent and posted a fifth straight weekly loss as demand destruction caused by the coronavirus outweighed stimulus efforts by policymakers around the world.

Economic damage expected from the coronavirus continues to boost the bullion's safe-haven appeal.

Australia's share market has plunged again following three days of gains, smashing any incipient hopes that the bear market is finished.

Woolworths is creating 20,000 new jobs to meet a surge in demand but the list of companies shutting stores and standing down staff continues to grow.

Australia's share market has surged more than two per cent as investors buy up stocks across the board after another sharp rise in US equities.

Oil prices lost more than $US1 a barrel overnight as restrictions on travel worldwide slashed fuel demand.

Gold prices jumped to a two-week high overnight, after a record surge in US jobless claims dented the dollar and boosted expectations of further stimulus to cushion the global economic toll from the coronavirus pandemic.

Australian shares have rallied for a third straight day after a massive US stimulus deal sent global markets soaring.

Seven passengers aboard the Artania anchored off Perth have tested positive for coronavirus, prompting WA Premier Mark McGowan to call on the navy to help get the cruise ship to leave.

Virus-ravaged travel firm Flight Centre says an initial 6,000 of its sales and support staff globally will either be stood down or made redundant in the company's latest bid to preserve a future.

Australian shares have rallied more than two per cent for a third straight day of morning gains after a massive US stimulus deal sent global markets soaring.

US crude prices rose slightly overnight, bolstered by progress on the US economic stimulus package, but government data shows the coronavirus pandemic started to hurt US fuel demand last week.

Palladium prices rocketed overnight as a lockdown in major producer South Africa exacerbated supply woes, while gold inched up as markets eyed US stimulus.

Australian shares have achieved back-to-back gains for the first time since the coronavirus crisis began, rallying in the final minutes of trade on reports that US politicians have reached a deal on a massive US stimulus deal to shore up the world's biggest economy.

Medical tech firm Cochlear is seeking to eliminate liquidity risk by raising $850 million as the coronavirus pandemic delays elective surgeries across a growing number of countries.

Virgin Australia has stood down about 8,000 of its 10,000 workers until at least the end of May and further slashed domestic flight capacity in the wake of the coronavirus border restrictions.

Australian shares have surged almost six per cent back to above the 5,000-point level on a wave of optimism a massive US stimulus deal will shore up the world's biggest economy.

Oil prices rose modestly on overnight but settled off the day's highs as the coronavirus pandemic's heavy toll on demand offset hopes for a forthcoming $US2 trillion US economic relief package.

Palladium and platinum prices surged on Tuesday, with palladium on track for its biggest daily gain since 2001, as major producer South Africa was locked down due to the coronavirus, while gold soared over 5 per cent as fresh stimulus stopped liquidation among investors.

Australia's share market has rallied from a near eight-year low with the US Federal Reserve taking drastic action to shore up markets and new coronavirus cases seeming to plateau in Italy.

People already waiting at the Western Australian border will be allowed into the state after the closure deadline, as the premier flagged banning regional travel and shutting down beaches.

Woolworths has stood down 8,000 workers following the government ban on pubs, clubs and hotels while it has also postponed the separation and spin-off of its Endeavour division until 2021.

Australia's share market has risen more than 1.5 per cent from a near eight-year low but consumer confidence has sagged as a flood of profit warnings pour in and the coronavirus spreads.

Oil prices inched higher overnight while US gasoline prices plunged more than 30 per cent to a record low as global restrictions on travel to slow the spread of coronavirus destroyed demand for fuel.

Gold prices soared more than 4 per cent overnight, shrugging off early losses after the US Federal Reserve took aggressive new steps to combat the economic impact of the coronavirus outbreak, boosting investor sentiment.