Australian shares have closed lower amid global investor uncertainty over Europe following the resignation of Italian Prime Minister Matteo Renzi.

Energy and resource companies have pushed the share market more than one per cent higher as oil prices surge after OPEC agreed to cut production.

Energy and resource heavyweights, including Woodside Petroleum and BHP Billiton have dragged the Australian share market lower.

A strong week for the share market has taken it to a fresh three month high.

Investors mostly sat on their hands ahead of the Thanksgiving holiday in the US.

The Australian share market has climbed to a five-week high, helped by rising commodity prices and a surge on US markets.