Asia stocks edge up on U.S. growth data cues; dollar steady

HONG KONG (Reuters) - Asian stocks edged higher on Wednesday reflecting upbeat U.S. growth news while oil steadied after a sharp drop overnight as OPEC struggled to agree on a glut-draining production cut.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent in early trades. It is poised to post a second consecutive monthly loss.

Early action in Asian stocks was just as guarded with Australia down 0.16 percent <.AXJO>, the Nikkei <.N225> flat and South Korea up 0.2 percent.

In currency markets, the dollar consolidated recent gains against a trade-weighted basket of its peers with investors looking to buy on dips after strong data.

The U.S. economy grew faster than initially thought in the third quarter, notching its best performance in two years.

The relatively upbeat data pushed major U.S. stock indices higher with major benchmarks closing between 0.2 to 0.6 percent up [.N]. Stock futures edged higher in Asia.

Oil slumped by roughly 4 percent on Tuesday before bouncing somewhat as most analysts concluded the Organization of Petroleum Exporting Countries would cobble together a deal at its meeting in Vienna on Wednesday to cut production to some extent. The meeting starts at 1000 GMT.

Brent futures were flat around $46.38 per barrel while U.S. crude gained 0.3 percent to $45.39 per barrel.

(Reporting by Saikat Chatterjee; Editing by Eric Meijer)