Australian shares swing positive as oil price eases

Basic materials stocks rebounded 1.7 per cent higher, breaking a four-session losing streak as investors picked up beaten down gold, copper and critical minerals producers.

Energy stocks also rallied, despite oil prices easing from multi-month highs as Omani negotiators returned to Iran in coordination with the US, rekindling some hope of de-escalating the regional conflict that has intensified in recent weeks.

The Australian dollar is buying 70.30 US cents, up from 70.12 US cents on Friday at 5pm, inching higher against the greenback as bets narrow on a Reserve Bank interest rate hike next week.