Wall Street eyes oil price gyrations

U.S. stock index futures indicated a lower open on Tuesday as a rebound in commodity prices ran out of steam and global equities lost ground.

Oil, which has been the top of investors' minds for the last few months, slipped with WTI futures hovering near $32.80 a barrel amid concerns of a supply glut from Iran.

There should also be some important headlines for the oil market Tuesday when Saudi Oil Minister Ali al-Naimi speaks at the CERAWeek energy conference in Houston later.

European equities followed the negative tone set in Asia overnight where markets traded mostly lower. This came after a rally Monday, with U.S. stocks closing more than 1 percent higher, building on their best weekly gain of 2016.

In the U.S., earnings are due from First Solar, Dreamworks Animation, and Papa John's.

On the data front, the S&P/Case-Shiller 20 city composite home price index showed a 5.7 percent increase year-over-year in December.

Existing home sales and consumer confidence data are due at 10 a.m. ET.

Investors will also be watching for more hints on future policy at the U.S. Federal Reserve and whether it will continue its tightening process this year. Minneapolis Fed President Neel Kashkari is due to speak at 8.30 a.m. with Dallas Fed President Rob Kaplan shortly afterwards. Fed Vice Chairman Stanley Fischer is also due to speak after the closing bell at 8.30 p.m.

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—CNBC's Patti Domm contributed to this report.