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The Australian share market has closed slightly higher but investors are treading cautiously for fear of a Brexit-like surprise from the US presidential election.

The Australian share market is slightly higher after a choppy morning as traders hold positions before US voters head to the polls.

Oil prices have risen more than 1 per cent, supported by a rebound in other asset classes after news that US presidential candidate Hillary Clinton will not face charges over her email server use, but gains were capped by a rallying US dollar and doubts over OPEC's planned production cuts.

The Australian dollar has comfortably breached the 77 US cents barrier and also has risen strongly against the yen and the euro on news the FBI had closed its investigation into Hillary Clinton's email server use.

Gold prices have fallen, posting their biggest one-day drop in five weeks as the US dollar and stocks rallied on news Hillary Clinton will not face criminal charges over her use of a private email server.

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The Australian share market has closed more than one per cent higher as investors speculated that Democrat presidential candidate Hillary Clinton's chances of winning the US election had improved.

The Australian share market has opened more than half a per cent higher.

Oil futures have fallen by their biggest weekly percentage decline since January of around nine per cent as signs of tensions resurface between Saudi Arabia and Iran that could scupper a key supply cut pact.

The Australian dollar has slightly strengthened against its US counterpart, despite a steady US jobs report that has reinforced the likelihood of a Federal Reserve rate rise.

Gold has steadied, heading for its biggest weekly rise since mid-September as jitters over next week's US election offset a solid payrolls report that shored up expectations for a US interest rate rise in December.

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Big falls across the financial and energy sectors pushed the share market to its lowest level in more than four months, amid mounting uncertainty of the outcome of next week's US presidential election.

Australian shares have opened lower following weak leads from overseas, with financial and energy stocks pulling the market into the red.

The S&P 500 fell for an eighth straight session on Thursday, its longest losing streak since the 2008 financial crisis, as Facebook shares weighed and investors grappled with uncertainty over next week's US presidential election.

The Australian dollar has strengthened further against its US counterpart, helped by increased commodity prices.

Oil prices have settled more than one per cent lower as investors reeled from a record weekly surge in US crude inventories, and remained sceptical about whether OPEC can actually implement its planned output cap.

Gold has edged higher in response to a lower US dollar and also uncertainty about the outcome of a tight US presidential race.

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The possibility of Donald Trump winning the US presidency continues to unnerve investors but bargain-hunters pushed the Australian market to a flat close after a poor start on Thursday.

The Australian share market has opened lower following negative leads from European and US markets overnight and a further drop in oil prices.

The Australian dollar on the back of higher commodity prices as a risk-averse mood about the US presidential election weighs on greenback.

Gold has rallied to a one-month high, as uncertainty over the outcome of the US election knocks stocks and the US dollar lower, but bullion pared gains slightly after the Federal Reserve held interest rates steady as expected.

Oil prices have tumbled three per cent after a record weekly build in US crude inventories stoked investor worries about a global supply glut, days after analysts estimated higher monthly OPEC crude output.

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Concerns about the impacts of a win by Republican candidate Donald Trump in the upcoming US election have unnerved investors and pushed Australian shares to a six-week low.

The Australian share market has continued its downward momentum in early trade, as it takes cues from declines across US and European markets overnight.

The Australian dollar is trading flat after global risk appetite declined overnight, largely due to jitters ahead of the US election.

Oil has settled lower after hitting one-month lows, ahead of data likely to show a US crude inventory build and on renewed doubts about whether OPEC will follow through with proposed output cuts.

Gold, silver and platinum have rallied to one-month highs as concerns over the outcome of the US election sparks losses in stocks and the US dollar, prompting investors to seek out precious metals as a haven from risk.

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The Australian share market has closed lower as cautious investors await the US Federal Reserve's decision on interest rates later this week and the result of the US presidential election on November 8.