AAP

Gold gained 1.0 per cent overnight after attacks on oil facilities in Saudi Arabia fuelled concerns of a further escalation in Middle East tensions and pushed investors toward safe-haven assets.

The Australian share market has finished marginally higher as gains by oil companies and goldminers outweighed declines elsewhere in the wake of a drone attack on two Saudi Arabian oil facilities.

The man responsible for Australia's fuel stocks does not believe drone attacks on Saudi Arabian oilfields will drive up domestic petrol prices.

Auto dealer A.P. Eagers has succeeded in acquiring more than 90 per cent of all Automotive Holding Group shares, reaching that important threshold just hours before its offer expired.

Bellamy's shares have surged by more than 50 per cent after the infant formula maker announced it had entered into a $1.5 billion takeover scheme with the China Mengniu Dairy Company.

Oil prices edged lower on Friday and posted weekly losses as concerns about slower global economic growth outweighed hints of progress in the US-China trade dispute but an attack on Saudi Arabia's oil facilities on Saturday was expected to result in increased prices.

Gold prices eased on Friday, heading for a third straight weekly fall, as positive US retail sales data and hopes for a thaw in China-US trade tensions lifted equities and yields to multi-week highs.

The Australian share market has closed slightly higher, rising for a third straight day following positive US-China trade developments overnight and the resumption of quantitative easing in Europe.

Suspended Perth Lord Mayor Lisa Scaffidi has admitted at an inquiry that she broke the law when she interfered in the council heritage listing process for a building in which she had a financial interest.

Two more contractors have admitted their involvement in Perth's North Metropolitan Health Service fraud scandal.

Australia is now less reliant on coal than at the beginning of the century even as energy consumption steadily climbs with a growing population.

Oil prices have fallen about 1.0 per cent after a media report cast doubt on the possibility of an interim US-China trade deal and as a meeting of the OPEC alliance yielded no decision on deepening crude supply cuts.

Palladium prices have hit an all-time high on concerns over tight supplies of the autocatalyst metal due to possible labour issues in South African mines, while gold shed earlier gains on fresh hints of progress in the US-China trade dispute.

The Australian share market has given up most of its early gains, with tech stocks and consumer staples turning around to finish the day in the red.

The competition watchdog says it has no reason to block Elders' proposed $187 million cash-and-scrip takeover of wholesale buyer Australian Independent Rural Retailers, which has 12 member stores in Western Australia.

The Commonwealth Bank of Australia has issued $US2.5 billion ($A3.6 billion) worth of subordinated notes amid a regulatory push to increase capital reserves.

Oil prices have tumbled more than 2.0 per cent after a report that US President Donald Trump weighed easing sanctions on Iran, which could boost global crude supply at a time of lingering worries about global energy demand.

Gold has risen on expectations of monetary policy easing by top central banks while global growth risks continue to linger, although improved appetite for riskier assets capped bullion's gains and kept it near a four-week low.

The ASX has posted modest gains as gains by mining stocks and the banking sector outweighed declines by consumer staples and tech stocks.

The Morrison government has moved a step closer to beefing up the powers of the securities watchdog as part of its aim to restore trust in the nation's banking system.

Woodside Petroleum expects to reduce its stakes in Australia's Scarborough gas field and Canada's Kitimat liquefied natural gas project, which would help it reduce its capital expenditure, its chief executive told Reuters.

The ASX has opened higher as the resources sector and major banks post solid early gains.

Gold prices have fallen to their lowest level in nearly a month as rising bond yields and the dollar dented the allure of safe-haven assets.

Oil prices edged lower overnight after US President Donald Trump fired national security adviser John Bolton, who took a strident stance against Iran, raising speculation of a return of Iranian crude exports to the market.

The Australian share market has suffered its first loss in four days, with every sector except energy shares and financials in the red.

Live animal exports will be policed by an independent inspector-general under legislation poised to pass federal parliament.

Farmers are upbeat in west and south of the country after a drop of winter rain, though confidence in the drought-affected eastern states continues to crumble.

Oil prices rose about 2.0 per cent on Monday after the new Saudi energy minister, Prince Abdulaziz bin Salman, confirmed expectations that he would stick with his country's policy of limiting crude output to support prices.

Gold has fallen to a more than two-week low, briefly breaking below the key $US1,500 support, as renewed risk appetite and gaining US yields outweighed support for bullion from expectations for interest rate reductions by top central banks.

The Australian share market has had a flat start to the trading week, as concerns about global growth balanced easing US-China trade tensions.

Australian shares are flat in early trade as the miners and banks pull in opposite directions.

Oil prices have risen above $US61 a barrel after the head of the US Federal Reserve said the central bank will act "as appropriate" to sustain an economic expansion in the world's biggest economy that has been pressured by uncertainty over global trade.