Oil prices fell in early trade on Wednesday as markets were assessing the outcome of U.S.-China trade talks, yet to be reviewed by President Donald Trump, with weak oil demand from China and OPEC+ production increases weighing on the market.

US stock futures wavered as Wall Street digested the progress on US-China trade negotiations, a fresh legal ruling on President Trump tariffs, and braced for the release of the May inflation report.

"The two sides have, in principle, reached a framework for implementing the consensus reached by the two heads of state during the phone call on June 5th and the consensus reached at the Geneva meeting," China's Vice Commerce Minister Li Chenggang said.

Asian shares are mostly higher as investors keep an eye on China-U.S. trade talks that might help stave off a recession.

Officials from the U.S. and China are meeting in London this week to iron out details of a deal that would lower Donald Trump’s levies on imports.

[CNBC] Asia-Pacific markets set to mostly climb after Wall Street gains on optimism over U.S.-China trade talks progress This is CNBC's live blog covering Asia-Pacific markets.

The U.S. dollar weakened against most major currencies on Monday, moving in narrow ranges, as market participants consolidated gains racked up following Friday's better-than-expected U.S. employment report and shifted their focus to pivotal U.