European stocks and U.S. stock futures were under pressure after Brent crude oil, which has fallen some 40 percent in the last six months, fell further on Tuesday to trade around $66 per barrel.
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Euro zone turmoil also resurfaced, as bailed-out Greece brought forward the date of its presidential elections, sending stocks in the country over 8 percent lower and bond yields higher.
Chinese equities tumbled as much as 6 percent in the last hour of trade, after rallying to a three-and-half-year high of 3,091 points earlier in the session, as the oil price continued its downward spiral.
Elsewhere, investors will watch for any hints that the Fed could change its policy wording when it meets next week. On Tuesday, the Wall Street Journal reported that officials were considering dropping their assurance that interest rates would stay at record lows for a "considerable" time.
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The latest wholesale inventories and trade sales data are also due for release on Tuesday, and are expected to show slightly slower growth in October compared to September.