U.S. stock index futures indicated a lower open Tuesday as oil held mostly lower and traders piled into safe-haven assets.
Dow futures were down more than 100 points, while S&P and Nasdaq futures also indicated a sharply lower open. U.S. oil prices were down 0.2 percent a day after shedding nearly 3 percent.
European markets were also on the back foot with oil stocks and basic resources companies the worst performers. Asia markets were also mostly lower overnight, with the Japanese Nikkei 225 falling 2.4 percent.
The yen traded near its strongest level against the U.S. dollar since October 2014. The U.S. dollar index traded slightly higher, with the euro near $1.138 as of 8:35 a.m. ET. Gold jumped more than 1 percent.
Commodity prices have led to volatility in equity markets in recent months and oil came under renewed pressure on Tuesday morning. Reuters cited weakening demand for gasoline and concerns of a global crude glut for the slump. Traders also reacted to comments from Kuwait's OPEC governor Nawal Al-Fuzaia who spoke of the prospect of a freeze in output for the oil cartel.