The World Bank's steering committee and U.S. Treasury Secretary Janet Yellen on Wednesday called for further reforms this year to expand the bank's ability to respond to climate change, pandemics and other crises that are reversing development gains.

Oil prices crept lower in early Asian trade on Thursday, as markets gauged the prospect of a U.S. recession against more signs of easing inflation and growing bets that the Federal Reserve will pause its rate hike cycle. 

The dollar was on the back foot on Thursday after cooler-than-anticipated U.S. inflation data lifted risk sentiment and stoked expectations that the Federal Reserve will be done with its monetary tightening after hiking one last time next month.

Asian equities inched lower on Wednesday ahead of a crucial U.S. inflation report that will likely influence the Federal Reserve's monetary policy path, with markets wagering another hike in interest rates at the central bank's next meeting.

Oil prices were little changed in early trading on Wednesday after industry data showed an unexpected build in U.S. crude and gasoline inventories, offsetting concerns about tightening supply ahead of output cuts by OPEC producers.

The U.S. dollar slipped on Wednesday ahead of a closely-watched inflation reading later in the day that will provide clues on the path of Federal Reserve interest rate hikes.