Oil prices steadied in early Asian trade on Tuesday after OPEC+ plans to cut more production jolted markets the previous day, with investors' attention shifting to demand trends and the impact of higher prices on the global economy.

The dollar wobbled on Tuesday after a slump in U.S. manufacturing activity last month pointed to further signs of a slowing economy and trumped renewed inflation concerns following OPEC+'s surprise output cut.

Asia's factory activity weakened in March as soft overseas demand hurt output, surveys showed on Monday, suggesting that a deteriorating global outlook will remain a drag on the region's recovery and keep policymakers on their toes.

U.S. consumer spending rose moderately in February, and while inflation cooled, it remained high enough to possibly allow the Federal Reserve to raise interest rates one more time this year.

Most Asian stocks crept higher on Monday as risk appetite persisted on softer-than-expected U.S. inflation readings from the prior week, although a spike in oil prices saw markets remain wary of a potential resurgence in inflation over the coming months. 

The Malaysian manufacturing sector moderated further at the end of the first quarter of 2023, although there were indications that demand was on the path to recovery.