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Oil prices largely held gains Wednesday, with investors sceptical about the effectiveness of a U.S.-led coordinated release of stocks from strategic reserves and turning their focus to the next step by oil producers.

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U.S. natural gas futures held steady on Wednesday as the market waited for direction from a federal report expected to show last week's storage draw was smaller than usual for this time of year as output rises to record highs.

The euro fell on Wednesday after a survey showed German business morale deteriorated in November, while the Turkish lira remained under pressure as President Tayyip Erdogan defended rate cuts despite surging inflation.

U.S. consumer spending increased more than expected in October as households bought motor vehicles and a range of other goods, showing no signs yet of holding back because of high inflation, and boosting the economic outlook early in the fourth quarter.

The South African rand paused early on Wednesday after a losing streak linked to a stronger U.S. dollar and contagion from a plummeting Turkish lira.

U.S. energy firms added oil and natural gas rigs for a record 16 months in a row as crude prices in recent weeks rose to a seven-year high, prompting some drillers to return to the wellpad.

Emerging market stocks looked to snap a five-day losing streak on Wednesday but falls in China's internet and property stocks limited gains, while Turkey's lira firmed 3% after plunging 11% during the last session on fears of more policy missteps.

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The dollar gained broadly on Wednesday, reaching 16-month highs against the euro and an almost five-year top against the Japanese yen as investors bet that the U.S. Federal Reserve will tighten monetary policy faster than its peers.