Stock index futures turned higher again after news that OPEC had no plans for an extraordinary meeting.
Earlier, futures fell after Kuwait's oil minister said OPEC was considering raising production for the first time in more than two years, a move that also sent oil prices lower. Oil prices rose slightly after the latest news.
"We are in consultations about a potential output increase, but have not yet decided," Kuwait's Oil Minister Sheikh Ahmad al-Abdullah Al-Sabah told reporters on Tuesday, according to Reuters.
London Brent crude traded over $113 a barrel, while U.S. light sweet crude traded just above $105
Stocks fell on Monday, dragged lower by technology stocks and worries over the situation in the Middle East.
With no major economic releases and no big earnings reports for Tuesday, international developments are likely to remain the focus.
In the Middle East, Libyan rebels said Muammar Gaddafi had offered talks on quitting his position as head of state but they refused.
Treasury Secretary Timothy Geithner will visit Germany later Tuesday, ahead of an European Union summit about how to rescue cash-strapped euro zone members.
Last week, Geithner said the euro zone needed to do whatever was necessary to help the indebted members and their banks.
Disputes over how to solve the excessive debt situation for countries on the periphery of the euro zone rages on, and one prominent area is the leadership of the European Central Bank.
As the end of the term of current president Jean-Claude Trichet is nearing, markets are wondering who the next ECB head will be, after the shock resignation of Bundesbank chief Axel Weber last month.