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Oil could stay in driver's seat Wednesday

VIDEO1:5401:54
Oil leading market like a snake charmer: Cashin

Stock traders will be looking over their shoulders at energy markets Wednesday, after two days of whiplash from falling oil prices.

Oil could again be volatile, particularly with 10:30 a.m. ET release of petroleum inventory data expected from the Energy Information Administration. American Petroleum Institute data, released after Tuesday's market close, showed a surprise drawdown in supply, driving oil futures slightly higher in late trading.

The Dow fell 162 points Tuesday to 17,568, and the S&P 500 was 13 points lower Tuesday, at 2,063.