U.S. stock index futures fell sharply on Tuesday, with Dow futures down more than 150 points in pre-market trade as declines in oil prices continued to weigh on investor sentiment.
European stocks were down about 1.5 percent in morning trade ET as concerns over oil prices returned to haunt markets, with oil major BP reporting an annual loss of $6.5 billion in 2015, its worst in 20 years amid the persistently low oil price. The news sent shares 6 percent lower.
Shares of Exxon Mobil fell more than 2 percent in pre-market trade after the firm reported a 58 percent drop in profit, hurt by low oil prices. The world's largest publicly traded oil company also said it would cut spending this year by one-quarter, Reuters reported.