Australian shares are poised to fall on Friday as oil prices eased from a five-day rally following comments by US President Donald Trump suggesting a reduced likelihood of military action in Iran, while rising US inventories and Venezuela's resumption of crude exports added further pressure.

Overnight, the S&P 500 and the Nasdaq Composite each rose 0.3%, while the Dow Jones Industrial Average gained 0.6%.

In the macroeconomy, investors are eyeing Australia's labor force report set to be released on Jan. 22.

In corporate news, James Hardie Industries (ASX:JHX) will close the manufacturing facilities in Fontana, California, and Summerville, South Carolina, within the next 60 days, and the sites' manufacturing operations will be absorbed by other facilities, according to a Friday Australian bourse filing.

Qube Holdings (ASX:QUB) said Macquarie Group's (ASX:MQG) Macquarie Asset Management (MAM) unit provided the confirmation required under the process and exclusivity deed to extend the exclusivity period in relation to MAM's previously disclosed indicative acquisition proposal, according to a Friday Australian bourse filing.

Australia's benchmark index rose 0.5% or 41.1 points to close at 8,861.70 on Thursday.