Crude fell for the second straight session, as fear eased that Russia's incursion into Ukraine could lead to all out war.
Asian stocks were mostly higher Wednesday, boosted by overnight gains on Wall Street and unveiling of China's official 2014 GDP growth target.
Stocks jumped on Tuesday, with the Dow and S&P 500 bouncing back after their worst hit in a month.
U.S. stock index futures pointed to a slightly lower open on Wall Street on Wednesday.
U.S. bonds fell on Tuesday, as investors' "safe-haven" bid waned, due to signs of progress in resolving the political turmoil in Ukraine.
European stocks closed higher on Tuesday, after Vladimir Putin stated that any use of force in Ukraine would be a last resort.
Few bright sparks could be found in dour Asian stock markets on Monday.
Oil prices fell sharply on news that raised hopes that tensions in Ukraine's crisis were ebbing slightly.
Gold prices fell 1 percent on Tuesday, retreating from the previous day's four-month high.
U.S. stocks declined on Monday on worries about Russian intervention in the Ukraine.
The yen extended its losses against the dollar and euro as concerns over the standoff between Russia and Ukraine eased somewhat.
Despite the ongoing turmoil in Ukraine, Wall Street looked set to rebound on Tuesday, following the worst day for markets in a month.
U.S. bonds traded higher on Monday, as ongoing turmoil in Ukraine boosted investors' bid for "safe haven assets".
European stocks closed sharply lower on Monday, with investor sentiment curbed by the growing instability in Crimea.
U.S. oil rose on market talk of decreased supply from the Bakken shale in North Dakota, which federal officials called a rumor.
Gold ended more than 2 percent higher as escalating tensions between Ukraine and Russia bolstered demand for assets perceived to be relatively safe.
Crude rallied more than $2 per barrel on Monday, lifted by rising tension in Ukraine and growing fears of a Russian invasion.
Monday will kick off a busy week for data on Wall Street, with the latest manufacturing ISM index due at 10 a.m. ET.
The dollar, ruble and euro rose against the yen on Tuesday, helped by signs Russia may want to avoid more military action in Ukraine.
Stocks turned lower on Friday, with the S&P 500 retreating from its record.