In oil markets, Brent crude prices flirted with $50 per barrel, before paring gains. WTI settled 1.2 percent higher at $48.42. Those moves come on the back of supply concerns including outages in Nigeria and Canadian wildfires that are once again threatening Alberta's oil sands.
U.S. stock prices also dipped on Tuesday, with the major averages losing more than 1 percent each.
On the data front, the U.S. consumer price index rose 0.4 percent last month, more than the expected 0.3 percent rise. U.S. housing starts also rose more than expected last month.
Overall industrial output rose 0.7 percent last month, beating the consensus forecast of a 0.3 percent gain, as utilities output rebounded from March when it was restrained by warmer-than-usual weather.
Dallas Federal Reserve Bank President Robert Kaplan said on Tuesday that the U.S. economy is strong enough to justify an interest-rate hike in the "not too distant future," but increases will be very gradual.
— Reuters contributed to this report.