Geopolitical issues helped oil prices recover ground lost during the previous session, with Brent crude oil moving Tuesday back above $60 per barrel.

Brent entered March on a down note as the rally that began in early February lost steam.

Markets rebounded Tuesday, however, as talks continue on Iran's controversial nuclear program. Iran's crude oil production is curtailed by sanctions. Ukraine, meanwhile, avoided a short-term natural gas crisis after debt talks with Russian and European negotiators.

Brent, the global benchmark, moved up 2.4 percent from the previous close to $61 per barrel early in the Tuesday session.

The Bank of England, meanwhile, warned investors should be wary of long-term bets in fossil fuels as major economies embrace policies to advance renewable energy alternatives.

Brent crude oil prices surged more than 15 percent from their $51.74 per barrel at the start of February. Prices are down about 40 percent from June 2014 highs, however, as markets stay weighted toward the supply side.

Gains in U.S. oil production and the status quo policy from the Organization of Petroleum Exporting Countries means supply outweighs demand. The situation was emphasized last week when U.S. government data showed crude oil inventories at record highs.

The U.S. Energy Information Administration said in a Tuesday report the low price of crude oil won't have a lasting impact on production in the Gulf of Mexico. U.S. oil production from the region should reach 1.52 million barrels per day this year and increase another 6 percent the following year.

The price for West Texas Intermediate, the U.S. benchmark for crude oil, wasn't as resilient as Brent, gaining only a fraction of a percent from the Monday close to trade at $49.88 per barrel for the April contract.