Oil prices slipped in early Asian trade on Wednesday after falling by more than $1 a barrel in the previous session as industry data pointed to a much bigger-than-expected surge in U.S. crude inventories.

The dollar found some support on Wednesday after stubbornly high U.S. inflation suggested interest rates are going to remain high for longer than investors had expected.

Euro zone economic growth is likely to be stronger than expected this year while inflation will be lower than in forecasts made towards the end of 2022, the European Commission said on Monday.

Japan's economy averted recession but rebounded much less than expected in the fourth quarter as business investment slumped, a sign of the challenge the central bank faces in phasing out its massive stimulus programme.

Americans anticipate income growth to slow and inflation to stay elevated in the Federal Reserve Bank of New York’s survey of consumer expectations. 

Asian shares tracked the bounce on Wall Street on Tuesday, as investors remained sanguine that key U.S. economic data due later would show an easing in inflation, while the yen recouped losses ahead of the nomination of a new central bank governor.