Oil prices held above $50 in Asia on Wednesday as traders awaited U.S. inventory data and the dollar remained weak, boosting demand for the commodity.

"The WTI crude oil price closed above the $50 mark for the first time in eight months, resulting in a cheerful rally in energy stocks," said Margaret Yang, an analyst at CMC Markets in Singapore.

Australia's Prime Minister Malcolm Turnbull defended the corporate regulator Wednesday, saying it was "sinking its fangs" into suspected wrongdoers after it sued National Australia Bank over allegations of rate-rigging.

Iran's economy faces tough years ahead despite a nuclear deal with world powers that the government hoped would spur investment and revive stagnant growth, ministers have warned.

Speaking to members of parliament on Monday and Tuesday, the industry and interior ministers painted a bleak picture of chronic underinvestment, surging inflation and unemployment in the Islamic republic.

Saudi Arabia has unveiled the first concrete targets in its ambitious effort to move its crude-dependent economy away from oil.

US firms feel increasingly unwelcome in China, top American officials said Tuesday, as disagreements overshadowed an annual dialogue in Beijing.

The comments came as a survey of European firms said China's slowing growth was matched by an "increasingly hostile," business environment.

Venezuelans facing severe food shortages might have been expected to welcome heavily subsidized bags of rice, milk and other staples -- but the controversy didn't take long to set in.

The bags, distributed to poor families every three weeks, represent President Nicolas Maduro's latest plan to combat the increasingly desperate economic crisis that has taken hold of oil giant Venezuela as crude prices have collapsed over the past two years.

India's central bank on Tuesday held its key interest rate at a five-year low, citing inflationary fears in the world's fastest-growing major economy ahead of the imminent monsoon rains.

Indian engineering and construction giant, Larsen & Toubro, has won the country's first contract to build a venue for the 2022 World Cup in Qatar, organizers announced on Monday.

French rail unions held make-or-break talks with employers Monday to try to end a six-day strike that threatens to disrupt the Euro 2016 football championships already clouded by security fears.

Tensions were raised on Monday as Ukraine's intelligence service said it had arrested a Frenchman who was allegedly planning to stage 15 attacks before and during the tournament.

Saudi officials have finalized a detailed plan to diversify the kingdom's economy away from oil and have sent it for cabinet approval, official media said on Monday.

The National Transformation Program (NTP) will elaborate upon Vision 2030, an 84-page document released in April by Deputy Crown Prince Mohammed bin Salman, 30, who is leading the reform charge.