Oil futures fell on Wednesday after US crude inventory data suggested the market was still heavily supplied, while Chinese iron ore and steel futures fell on fears of a supply glut.

Stocks are also expected to track Wall Street, which fell on pressure from lingering geopolitical concerns and President Donald Trump's comments on the dollar and interest rates.

The local share price index futures fell 31 points, or 0.5 percent, to 5896, a 38-point discount to the underlying S&P/ASX 200 index close.

The benchmark rose 0.1 percent on Wednesday.

New Zealand's benchmark S&P/NZX 50 index fell 0.04 percent in early trade. For a summary of overnight action across global markets, double click on