The share market ended the week with a second straight gain after a rally in prices for oil and iron ore boosted energy and mining stocks.

“It seems like the share market here is tied very much to what the oil price is doing,” Phillip Capital senior client adviser Michael Heffernan said.

“When the oil price was very weak earlier on this week, the market went down; when the oil price picks up, so too the market picks up.

“And iron ore is doing okay, so the resources stocks are up. BHP is up a very strong three per cent.”

The market ended the week about 1.2 per cent lower, its worst weekly performance since mid-June.

Mr Heffernan said investors will be watching US payrolls data to be released on Friday night, which may give some indication on when the US Federal Reserve will raise interest rates again.

The market is likely to gain stronger direction when the local company earnings season picks up speed next week, with heavyweights Telstra and Commonwealth Bank releasing reports.

Oil and gas producer Woodside Petroleum jumped 26 cents to $26.89, Santos was up seven cents at $4.66 , but Oil Search dipped two cents to $7.25.

Oil prices have been pushed up in the wake of data showing a hefty drawdown of US gasoline stocks.

Global miner and oil producer BHP Billiton surged 72 cents, or 3.7 per cent, to $20.03, Rio Tinto improved 90 cents to $49.52 and Fortescue Metals strengthened 24 cents, or 5.6 per cent, to $4.56.

Commonwealth Bank added 49 cents to $76.15, Westpac advanced eight cents to $30.19, ANZ firmed five cents to $25.25, while National Australia Bank slipped three cents to $25.87.

KEY FACTS:

* At 1628 AEST on Friday, the benchmark S&P/ASX 200 index was up 21.6 points, or 0.39 per cent, at 5,497.4 points

* The broader All Ordinaries index was up 22.2 points, or 0.4 per cent, at 5,585.6 points

* The September share price index futures contract was up 22 points at 5,457 points, with 21,900 contracts traded

* National turnover was 2.41 billion securities traded, worth $3.92 billion