Gold erased earlier losses after the ECB launched a multi-billion euro bond-buying program aimed at reviving a sagging euro zone economy.
Nymex crude dropped after data from the U.S. government showed commercial crude inventories rose far more than expected last week.
Asian stocks rose amid a choppy session on Thursday as the market digested hopes that the ECB will launch an aggressive stimulus package today.
U.S. stock index futures signaled a higher open as all eyes were fixed on the ECB Mario Draghi, who is expected to announce a bond-buying program.
Stocks rose Wednesday on reports the ECB would implement a large-scale bond-purchasing program.
European markets closed higher on reports that the ECB is set to buy around 50 billion euros per month of government bonds for around a year.
Bonds pared earlier gains and the yield curve flattened as investors anticipated Thursday's European Central Bank meeting.
The yen rebounded against the dollar after the Bank of Japan stood pat on monetary policy.
Gold fell below $1,300 an ounce as various reports offered details about the European Central Bank's planned bond buying program.
US crude closed oil nearly 3 percent, rebounding from falls in the previous session as more energy firms cut investments and the dollar weakened.
Equity markets in Asia raked in gains on Wednesday, with the exception of Tokyo, bolstered by stimulus bets on the European Central Bank.
Stocks rose on Tuesday as investors tracked the price of oil and fourth-quarter earnings.
U.S. government debt prices climbed on Tuesday as investors wait to see if the ECB will announce a new stimulus package later this week.
European equities closed in positive territory on Tuesday amid speculation that the ECB will announce a full-scale bond-buying program on Thursday.
Brent crude prices steadied below $49 a barrel after the IMF cut its forecast for global economic growth in 2015 implying lower demand for fuel.
Gold rose more than 1 percent to its highest since early September, as uncertainty about how extensive a stimulus programme the ECB will announce.
The dollar hit a one-week high against the yen after China growth data was not as bad as many had feared, curbing demand for the safe-haven Japanese currency.
Asian stock markets traded higher late Tuesday, with sentiment supported by China's fourth quarter gross domestic product which beat expectations.
European equities closed largely higher on Monday, as investors look ahead to Thursday's European Central Bank meeting.
U.S. stock index futures signaled a higher open as investors gear up for a big day of major earnings, amid speculation that the ECB will announce QE.
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Euro zone annual inflation held steady at 0.2 percent in July, far below the European Central Bank's target.
A U.K. withdrawal from the EU could trigger another Scottish independence referendum, said Nicola Sturgeon, the First Minister of Scotland.
Japan's inflation target remains out of reach, with June core CPI for June barely budging and as households unexpectedly stopped spending.