Oil rocketed higher as Western buyers "self-sanctioned" and shunned Russian crude, while the OPEC+ cartel stuck to its production plans.
US stock futures fell Friday, after the major indexes pulled off a remarkable comeback by the previous close, as Russian troops advanced on Ukrainian cities.
The mood in the markets brightened after US Secretary State Antony Blinken and Russia's foreign minister agreed to meet for further talks.
Stock market investors were jittery as the West said Russia was continuing to build up troops, and reports emerged of shelling in Ukraine.
US futures were mostly negative on Thursday as markets awaited the latest monthly reading of consumer inflation.
Stock market investors were looking towards Thursday's key inflation data, while continuing to digest relatively strong earnings reports.
The major US stock markets rallied sharply last week but US inflation data due later this week could trigger more volatility.
Strong fourth-quarter earnings from Amazon and Snap helped boost tech stocks, as investors waiting for January non-farm payrolls data.
Following last week's volatility, sentiment for the tech sector is slowly shifting to positive after bullish results from Microsoft and Apple.
Stock market investors will interrogate Federal Reserve Chair Jerome Powell's every word for clues about monetary policy when he speaks later.
Stocks look set to lose more ground after the S&P 500 had its worst week since March 2020, as investors brace for this week's Federal Reserve meeting.
US futures gained, as corporate earnings helped allay some concerns about inflation and surging bond yields, while China cut a key lending rate.
The slide in tech stocks also looks set to resume Tuesday, as investors bet on aggressive Fed tightening and oil's rally spurs inflation fears.
US inflation soared to a 39-year high of 7% in December, data showed on Wednesday, but stocks were unfazed.
European stocks also climbed, as traders returned to their desks with optimism about the year ahead.
Worries over the Omicron variant has injected volatility into markets, as investors have reacted to each new data point or announcement.
US stocks looked set to climb at the open after three consecutive down days, with Omicron causing volatility in markets.
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