Oil prices fell on Wednesday after data indicated that U.S. crude inventories grew more than expected last week, although signs of robust gasoline demand and a warning on tighter supplies from Saudi Arabia kept losses in check. 

 The global economy is approaching a recession as economists polled by Reuters once again cut growth forecasts for key economies while central banks keep raising interest rates to bring down persistently-high inflation.

Asian shares edged higher on Wednesday as investors clung to hopes that the pace of U.S. and global rate hikes will start to slow, though U.S. futures dropped after disappointing results from tech giants Alphabet (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT).

 The dollar wallowed near a three-week low versus major peers on Wednesday as more signs of economic weakness in the United States fanned speculation about a less hawkish Federal Reserve.

China's fiscal revenue growth picked up pace in September from a month earlier, according to Reuters calculations based on official data on Tuesday, but declining government land sales revenue signalled deepening weakness in the property sector.

U.S. consumer confidence ebbed in October after two straight monthly increases amid rising concerns about inflation and a possible recession next year, but households remained keen to purchase big-ticket items like motor vehicles and appliances.