Oil prices turned higher and above the $80-a-barrel mark on Monday as confidence on Wall Street and easing concerns over Greece pressured the U.S. Dollar downwards and lifted commodities.

Oil prices slumped 1.8% on Friday, pressured by the USD's strength and the decision of India's central bank to raise interest rates. A stronger Dollar tends to hamper commodities, as it makes them more expensive for holders of other currencies and reduces their value as an investment hedge.

In the absence of major economic data Tuesday, oil traders will be taking most of their cues from currency and equity markets.