MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.6 percent, down 1.7 percent from its two-month high hit on Monday.
"Although oil prices have risen sharply from the trough, many investors are not yet convinced if things have improved that much and I suspect they judged now is a good time to sell," said Tatsushi Maeno, managing director of PineBridge Investments.
"But I do believe that this year the global economy will prove better than last year," he added.
Equity markets are going through a period of "short-covering," BlackRock senior director Ewen Cameron Watt told CNBC on Tuesday.
"There was always going to be a bit of a rebound in these sectors [oil and iron ore] because they have been so heavily sold down," said Watt.
"The supply side of oil is going to get tighter this year. The supply side of iron ore will get tighter in the next year and I think we're just seeing that kind of rebound."
Japan's benchmark Nikkei index fell to a more than one-week low on Wednesday as a stronger yen continued to undermine sentiment and pressure exporters, while broader confidence was blunted by slipping oil prices and concerns over China's economy.
The Nikkei share average ended down 0.8 percent at 16,642.20, the lowest closing level since March 1.
China stocks dropped more than 1 percent on Wednesday, snapping a six-session winning streak, as a tumble in commodity prices hit resource shares and prompted profit-taking amid signs of persistent lethargy in the economy.
The blue-chip CSI300 index declined 1.2 percent, to 3,071.91, while the Shanghai Composite Index shed 1.3 percent, to 2,862.56 points, registering their first losses in seven sessions.
Reference: CNBC, Reuters
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