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.
"Post-election trends in bonds, equities, commodities and currency markets have all run out of steam overnight, at least temporarily," Kit Juckes, strategist at Societe Generale, said in a note.
Late Monday, it emerged that former New York Mayor Rudy Giuliani was the favorite to serve as secretary of state in Donald Trump's incoming administration and Trump also spoke to Russian President Vladimir Putin, agreeing to work towards "constructive cooperation".
On the data front Tuesday, retail sales and import price figures both beat expectations. Business inventories data are due at 10 a.m. ET. Home Depot, Dick's Sporting Goods, JD.com, Teva Pharma and Beazer Homes all due to report before the opening bell.
Also on Tuesday, Boston Fed President Eric Rosengren said the central bank won't be easily swayed from a December rate hike.
Fed Governor Daniel Tarullo, Fed Vice Chair Stanley Fischer, and Dallas Fed President Rob Kaplan are also set to speak later on Tuesday.
—CNBC's Patti Domm and Fred Imbert contributed to this article.