The dollar pared gains against major currencies on Wednesday after the Fed said there remains "considerable time" before an interest rate hike.
Brent crude oil traded near $62 a barrel on Wednesday as U.S. data showed falling crude inventories, stemming deep losses brought on by a supply glut.
Asian equities largely recovered from the week's rout on Wednesday as investors look ahead to the Federal Reserve's monthly meeting.
Stocks fell after another day of gyrations tracking oil and pondering policy decisions by the Fed.
U.S. stock index futures signaled a higher open as investors waited to see whether the oil price and market volatility will lead to a dovish Fed.
The collapsing oil market spurred a fresh wave of safe-haven bids for US debt, sending the 30-year yield to its lowest in more two years.
Europe closed sharply higher on Tuesday reversing earlier losses seen after the fall in the price of oil and Russia's foreign exchange rout.
U.S. oil prices rallied at midday on Tuesday, reversing earlier losses on a mix of profit-taking and positioning ahead of WTI options expiry.
Gold edged higher on Tuesday after falling more than 2% before in its deepest slide in over a year following a sustained slump in oil prices.
Asian equity markets largely fell on Tuesday, with Shanghai being an exception, over a persisting slump in oil prices and after latest data added to concerns about slowing activity in the world's second-largest economy.
The U.S. dollar slipped against major currencies on Tuesday on expectations that the Federal Reserve would take a cautious tone.
Stocks ended lower Monday after the Dow traded in a more than 300-point range on either side of neutral.
U.S. government debt prices moved lower on Monday, as investors prepared for the Fed's monetary policy committee meeting on Wednesday.
Europe closed sharply lower on Monday with earlier gains seen in the price of oil reversed after heavy gunfire was heard outside a Sydney cafe.
U.S. stock index futures turned sharply lower on Tuesday, after U.S. crude futures fell to levels not seen since 2009 ahead of the Fed's meeting.
Gold fell 1 percent, after posting its biggest weekly gain in two months, as the dollar firmed before a Federal Reserve meeting.
Crude prices came under renewed pressure on Monday, and Brent hit five-year lows of nearly $60 a barrel and U.S. oil prices fell below $56 a barrel.
The U.S. dollar rose against the euro on Monday on expectations that the Federal Reserve will take a less-dovish stance on monetary policy.
Asian stocks pulled back sharply on Monday, as investors fretted about the relentless slide in energy prices and declining manufacturing sentiment in Japan. Also in focus was a hostage incident in Sydney.
Stocks fell Friday, as crude's slide continued and Chinese industrial production came in below forecasts.
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