Oil prices dipped on Wednesday as the impact from Hurricane Beryl dissipated and inflation data highlighted stubbornly weak consumer demand in top crude importer China.

The dollar was on the front foot on Wednesday, but hovered near a three-week low, as the cautious tone from Federal Reserve Chair Jerome Powell kept risk sentiment in check, while the New Zealand dollar weakened at the prospect of a rate cut there.

Most Asian stocks rose on Tuesday amid growing bets on lower U.S. interest rates, with Japan’s Nikkei 225 index hitting a record high, while Chinese markets lagged on persistent concerns over a trade war.

Oil prices slipped on Tuesday, extending losses from the previous session, after a hurricane that hit a key U.S. oil-producing hub in Texas caused less damage than markets had expected, easing supply concerns.

The U.S. dollar hung near a multi-week low versus major peers on Tuesday, still smarting from Friday's unexpectedly soft jobs report as traders awaited testimony from Federal Reserve Chair Jerome Powell for clues on the path of interest rates.

Keir Starmer will become Britain's next prime minister on Friday with his Labour Party set to win a massive majority in a parliamentary election, an exit poll indicated, forecasting Rishi Sunak's Conservatives would suffer historic losses.