NEW YORK (TheStreet ) — Stock futures bounced back as investors saw choice bargains in shares that were hit hard by a selloff on Monday. Benchmark indexes appeared to be shaking off six-year lows in oil prices.

S&P 500 futures climbed 0.51%, Dow Jones Industrial Average futures added 0.53%, and Nasdaq futures gained 0.58%.

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Stock markets tumbled on Monday as crude oil prices cratered more than 5%. The S&P 500 closed 0.8% lower, clawing back from session lows of more than 1% suffered earlier in the day. The Dow dropped 0.53%, and the Nasdaq tumbled 0.84%.

West Texas Intermediate continued to crumble overnight after the United Arab Emirates reiterated it will not reduce production in the face of global oversupply and faltering demand from key regions including China and Europe.

The strategy will not change, said UAE Oil Minister Suhail bin Mohammed al-Mazroui. We are telling the market and other producers that they need to be rational. OPEC has been reluctant to cut output lest the member countries lose market share. OPEC will gather in June for its next scheduled meeting.

WTI fell 2.8% to $44.80 a barrel. Since last summer, oil prices have dropped nearly 60%.

European markets were higher on speculation of what widely anticipated monetary stimulus might entail. The European Central Bank, which meets next Thursday, has reportedly earmarked 500 billion euros for government bond purchases.

In the U.K. inflation dropped to a 14-year low, falling 0.5% in December from 1.1% in November. Last week, the broader eurozone region reported a slip into a deflationary environment with consumer prices down 0.2% in December from a year earlier.

Alcoa (AA — Get Report ) kicked off earnings season on a good note after the bell Monday, reporting fourth-quarter earnings and revenue that beat expectations. The aluminum producer forecasts a 7% increase in use of the metal this year, driven by the aerospace and auto industries. Shares were up 1.3% in premarket trading.

Philips (PHG — Get Report ) fell more than 2% before the bell following a warning that full-year earnings will be reduced by about 225 million euros. The Netherlands-based medical equipment company said the hit was due to legal charges and the impact of foreign exchange.

IHS (IHS ) gained 1% as fourth-quarter earnings of $1.68 a share beat estimates by 13 cents and revenue climbed 4% year over year.

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—Written by Keris Alison Lahiff in New York.