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U.S. stock futures are down sharply in premarket trading Thursday amid a wider global market selloff as falling crude prices once again take their toll on markets.

Brent crude was down $0.57 to $30.27 per barrel while West Texas crude contracts for March delivery were down $0.98 to $26.47 per barrel.

Asian markets once again led the way down as Hong Kong's Hang Seng closed trading 3.9% lower and Japan's Nikkei fell 2.3%. The Shanghai Composite Index is closed this week in recognition of China's Lunar New Year holiday.

In Europe, France's CAC 40 was falling the hardest, down nearly 4%, while the German DAX and U.K. FTSE 100 were down 2.2% and 2.01%, respectively.

Today, Federal Reserve Chair Janet Yellen continues her testimony before Congress. Yellen began her testimony Wednesday, telling U.S. lawmakers that the central bank recognizes that there are still plenty of obstacles for the U.S. economy to overcome. She did not, however, give any solid indications on what policy tweaks the bank was prepared to make to overcome those headwinds.

The last leg of earnings season continues today. More than 75% of company's scheduled to report their quarterly results have done so already.