Brent crude and U.S. oil settled lower after U.S. government data showed domestic crude inventories rose much more than forecast.
Gold was marginally higher on Wednesday, with analysts expecting the breakout in Wall Street to pressure the precious metal's safe-haven appeal.
Asian shares hit fresh highs on Wednesday, extending the previous day's rally after a record close for the Dow Jones stock index on upbeat U.S. economic news gave risk appetite a further boost.
What this historic day on Wall Street means for banks, technology, retail, markets and for you.
The history of the current trading channel in the Dow shows the market usually takes around seven weeks to fall from the top of the channel to the lower edge of the trading channel.
The party in the market can continue for a while, but it could end "very badly," Stanley Druckenmiller, founder of Duquesne Capital, told CNBC.
U.S. stock index futures signaled a higher open on Tuesday, with the Dow Jones Industrial Average within reach of touching its all-time closing high, boosted by upbeat economic data from Europe and ahead of the service-sector report.
U.S. Treasury debt prices eased on Tuesday as Wall Street stock indexes pushed to record highs, with investors turning away from safe-haven assets as higher government spending in China and solid U.S. data stoked an appetite for riskier holdings.
Brent oil gained, bucking a five-day losing streak, boosted by North Sea supply disruptions, optimism on Chinese oil demand, and a rise in U.S. equities.
Oil prices could continue to feel pressure, if the global economy turns out to be weaker than expected and oil production continues to grow in places like the U.S., Brazil and Iraq, according to James Burkhard, vice president and head of oil market research at IHS.
Gold prices gave up most of Tuesday's early gains, as a rally that snapped four days of losses was not enough to sustain the precious metal.
The euro rose for a second straight day against the dollar as risk sentiment improved after a major U.S. stock index surged to all-time highs.
Europe's top equity indexes bounced up to multi-year highs on Tuesday, buoyed by the breach of key technical levels, a crop of upbeat corporate outlooks and prospects of continued stimulus from global central banks.
A wave of new money coming into equity markets is a "powerful force" to reckon with and means that risks such as the U.S. budget cuts and uncertainty in Italy are unlikely to derail a stellar rally in the markets, one expert told CNBC.
This asset manager says he's met with three new clients with over $1 million each but the "shock and awe" of 2008 still looms large in their psyche.
"We're close to it. The market fluctuates, and I think it's going to rise and we'll probably see it soon," one pro said.
European equities finished a volatile session broadly flat on Monday after investors balanced fresh assurances of global central bank stimulus against some disappointing earnings.
U.S. stock index futures were lower Monday amid concerns about the U.S.'s unresolved "sequester" and the introduction of harsher-than-expected property curbs in China.
U.S. Treasury debt prices fell on Monday, but stayed within recent ranges as developments in Italy and China kept investors on the sidelines.
Gold prices eased on Monday as demand waned for gold-backed exchange-traded funds and investors continued to digest the effect of wide-ranging U.S. government spending cuts on bullion.
European shares were flat on Friday as talks over the "fiscal cliff" stalled.
European shares closed lower on Wednesday for a third consecutive session, with resurging worries about the global economic outlook undermining investor sentiment.
Standard & Poor's decision to cut Spain's credit rating to one notch above junk status is weighing on markets.