NEW YORK (

TheStreet

) -- Oil futures bounded past $70 on Tuesday morning after plunging below the level on the previous day.

The October delivery contract for light, sweet crude was gaining $1.06 at $70.77 during electronic trading on the New York Mercantile Exchange. On Monday, the front-month contract settled at $69.71 after tumbling $2.33.

Prices were helped by a declining dollar on Tuesday and were also gaining steam ahead of demand data set to be released later today and tomorrow. The American Petroleum Institute will unveil its inventory figures after the market close on Tuesday, while the Energy Department will release its figures on Wednesday morning.

Most of the major oil shares lost ground on Monday, but were moving in positive territory on Tuesday.

Exxon Mobil

(XOM) - Get Report

lost 42 cents to close at $69.57, but shares were moving 0.8% higher in pre-market activity.

ConocoPhillips

(COP) - Get Report

and

Chevron

(CVX) - Get Report

also bid lower at the closing bell by 1.4% and 0.8% each. But both were clawing back losses before the opening bell this morning, adding 1.3% and 0.6%, respectively.

Marathon Oil

(MRO) - Get Report

lost 38 cents to finish at $33.15, but was gaining 8 cents in the early session, while

Hess

(HES) - Get Report

moved lower by 77 cents to close at $55.04. But before the opening bell, Hess was adding back nearly all of its prior day's losses.

-- Written by Sung Moss in New York

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