Oil prices rose around 3.2 percent on Tuesday and are likely to buoy sentiment on Wall Street. Renewed optimism that OPEC will deliver production cuts and expectations of falling shale output were seen as reasons behind the push higher, according to Reuters.
Meanwhile, traders continue to fixate on the upcoming presidency of Donald Trump and evaluate the prospects of economic growth. The Dow Jones industrial average hit a new all-time high Monday and completed a six-day winning streak. However, with futures only marginally higher it looks as though traders might pause for breath on Tuesday.