Mubasher: Oil prices turned higher on Tuesday, driven by a declining US dollar, fears over lingering tensions in the Middle East and worries over falling Venezuelan oil output.

By 08:57 am GMT, Brent crude futures rose by 0.65% to $66.48 per barrel (pb), while Nymex crude last jumped by 0.97% to $62.66 pb, having earlier growth of more than 1%.

These rebounds came as disputes between Saudi Arabia and Iran over nuclear weapons continued and concerns over decreasing crude production in Venezuela kept pushing up prices.

Meanwhile, previous data showed a sharp rise in the US oil production, easing worries over the Middle East's tensions.

Investors also eye preliminary oil inventories data by the American Petroleum Institute (API) due later today.