The afternoon Asia trading hours Wednesday were more volatile than usual. tumbling on TuesdayIts recent fall continues.

International benchmark Brent crude futuresBarrel prices rose by 2.4% to $102.25 U.S. crude futuresThe price per barrel also rose by 1.79%, to $98.17

The Dow Jones Industrial Average rose 599.10 to 33.544.34 overnight, or an increase of 1.82%. The S&P 500 index climbed 2.14% to 4,262.45 while the tech-heavy Nasdaq Composite surged 2.92% to 12,948.62.

The U.S. Federal ReserveIt is scheduled to release its latest interest rate decision Wednesday, stateside. It is expected that the central bank will raise interest rates by 25%, which would be its first increase since 2018.

In the meantime, $117 million is to be paid by Russia in interest two sovereign eurobonds on WednesdayAs the country is facing the next four installment dates, March’s first payment date to creditors was the prospect of defaulting on its debt. This is after Russia’s central banks were subject to international sanctions.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 98.824 — above levels below 98 seen last week.

The Japanese yenThe dollar traded at 118.28 dollars, which is still lower than the levels of below 116.1 last week. The Australian dollarIt was 0.72222, after having fallen from over $0.72.

— CNBC’s Elliot Smith contributed to this report.