TOKYO (Reuters) - Oil prices bounced back early on Tuesday from drops in the previous session, but gains were seen likely capped by growing concern about fuel demand in India, the world’s third-biggest crude importer now slammed by spiralling new coronavirus cases.

Asian shares fell and U.S. stock futures were steady on Tuesday as caution ahead of a U.S. Federal Reserve meeting and a slew of corporate earnings offset growing optimism about the global economic recovery from the COVID-19 blow.

Profits at China's industrial firms grew sharply in March from a low base a year ago, as demand for raw materials surged along with the economic recovery, but the pace of growth slowed, official data showed on Tuesday.

The dollar hovered near multi-week lows versus major peers on Tuesday, weighed by subdued Treasury yields, as investors consolidated positions ahead of the Federal Reserve's policy decision this week.

TOKYO (Reuters) - The dollar edged lower on Monday amid speculation that U.S. Federal Reserve Chairman Jerome Powell will shun talk of tapering bond purchases at a policy meeting this week.

Oil prices eased slightly on Monday on concerns that a resurgence of coronavirus infections in India and Japan, the world's third and fourth largest oil importers, would cut fuel demand in Asia.