Oil prices fell in Asian trade on Wednesday after a mixed reading on U.S. inventories, with persistent concerns over slowing economic growth and weak demand keeping prices under pressure.
Most Asian stocks rose on Wednesday as they recovered from steep losses earlier this week, while Japanese markets rose sharply following some encouraging comments on interest rates from the Bank of Japan.
The U.S. dollar was nursing steep losses on Tuesday, with the yen on the back foot after a sharp rise in the previous session as traders contend with the unwinding of popular carry trades and the prospect of deep rate cuts from the Federal Reserve.
Most Asian currencies weakened slightly on Tuesday as the dollar steadied from a recent rout, with the Japanese yen falling from seven-month peaks.
Most Asian stocks rose sharply on Tuesday after clocking steep losses in the prior session, with Japanese markets recovering the most after tumbling into a bear market.
Oil prices climbed more than $1 on Tuesday, paring the previous day's loss as concern that an escalating Middle East conflict could hit supplies outweighed fear of a possible U.S. recession that could hurt demand in the world's biggest oil consumer.