Stronger oil prices support Wall Street

U.S. stock index futures gained on Tuesday, following European and Asian bourses higher as oil prices rebounded.

Brent and light crude oil each traded more than 1 percent higher on Tuesday, taking gains into a third day.

Major companies reporting earnings early on Tuesday include LVMH.

UPS matched estimates with adjusted quarterly profit of $1.25 per share, while revenues were above forecasts. However, the company said its results were below its own expectations, and it also forecast full-year results below Street forecasts. It plans to address these issues with cost and revenue actions, although UPS adds that customers were "delighted" with its service during the holiday season.

Things heat up later in the day with results from Disney, as well as Gilead Sciences.

Read MoreEarly movers: UPS, WEN, RSH, AET, SPLS & more

Earlier on, BP posted better-than-expected replacement cost profit of $2.2 billion for the fourth quarter, despite taking a $3.6 billion impairment cost. In a television interview, CEO Bob Dudley warned that oil prices could remain as low as $50 per barrel "for some time."

London-listed shares of BP rose as much as 4 percent after the results were out.

Factory orders for December will be in focus in terms of economic data on Tuesday, along with vehicle sales for January. The former is expected to show a fifth consecutive monthly decline.

Meanwhile, Greece continues a charm offensive around Europe to drum up support for a more sympathetic debt deal. On Tuesday, Greek Finance Minister Yanis Varoufakis meets with his Italian counterpart in Rome.

—CNBC's Peter Schacknow contributed to this report.