Asian markets retraced much of their early gains on Wednesday afternoon, with Chinese mainland markets dropping particularly sharply.
Commodity-linked currencies such as the Australian and Canadian dollars inched towards recent peaks on Wednesday.
The price of gold eased as a firmer dollar halted the previous day's rally while silver held near an 11-month peak.
U.S. oil closed at new 2016 highs on a smaller-than-expected U.S. crude build.
U.S. stock index futures pointed to a flat to higher open Thursday, amid more earnings and steadying oil prices, following Wednesday's gains.
U.S. sovereign bond prices moved lower Tuesday as investors opted for riskier assets on the back of rising oil prices.
European stock indexes closed higher on Tuesday, as a sharp tick-up in oil prices and commodity stocks boosted sentiment.
Most Asian markets gained on Tuesday, led by Japan, as oil prices steadied after Monday's drop on producers' failure to reach an output-freeze deal.
Gold rose 2 percent, silver hit a 10-month high and platinum climbed to its highest in six months on Tuesday.
Commodity currencies like the Australian and New Zealand dollars soared to 10-month highs against the U.S. dollar.
U.S oil prices rose more than 3 percent after a strike by workers in Kuwait nearly halved the OPEC member's crude production.
U.S. stocks looked set to open sharply lower on Monday, with investor sentiment hit by the news that major oil-producing countries had failed to agree to a freeze on crude output.
U.S. stocks closed mixed Tuesday, amid a rise in oil prices, as declines in tech stocks weighed after mixed earnings reports.
U.S. sovereign bonds prices were lower Monday as investors digested whipsawing oil prices.
European stocks closed higher on Monday, as investors tried to shake off concerns as oil prices pared losses.
Asia markets dropped Monday, as oil tumbled after producers failed to reach a deal to freeze output and Japan shares took a hit from quakes last week.
Commodity currencies slipped while the safe-haven yen gained ground after major crude exporters failed to agree on an output freeze.
Wall Street looked set to open higher on Tuesday, as global stock markets continued rising as a result of steadying crude oil prices.
Gold fell on Monday as the dollar fell and European shares dipped following the failure by oil producers to agree an output freeze.
U.S. stocks closed lower, with energy stocks leading declines as oil prices fell ahead of a highly anticipated weekend meeting of oil producers.