Futures for U.S. markets pointed northward late Tuesday, reversing the gloomy Tuesday mood where oil and fears of a rate hike pushed investors to sell.

Futures for the S&P 500 were up 0.2%, the Dow Jones Industrials 0.17% and Nasdaq 0.15% at 9:02 p.m. EDT

Investors appear ready to resume a rally Wednesday after markets slipped Tuesday along with oil. The markets are also still trying to decide if the Federal Reserve will raise rates at next week's meeting. At least one official has expressed a conservative view of growth, while others have indicated that an increase may be necessary.

The uncertainty left the Dow 1.41% lower Tuesday, while the S&P slipped 1.48% and the Nasdaq, 1.09%.

Asia opened mixed as oil recovered and  worries continued that the Bank of Japan isn't doing enough to get the country's economy back on track. Japan's Nikkei was off 0.62%, and Hong Kong's Hang Seng, 0.32%, while South Korea's Kospi gained 0.4% at 9:10 p.m. EDT. The ASX in Australia slipped 0.19%.

Europe was the first to suffer from the downturn in oil Tuesday with Germany's Dax closing 0.43% lower, London's FTSE, 0.53%, and Paris' Cac, 1.19%.

After slipping in Tuesday trade, oil gained in Asian trade with industry standard Brent crude up 0.49% to $47.33 and West Texas crude up 0.65% at $45.19 at 9 p.m. EDT. The prices are per-barrel and represent futures for November and October delivery, respectively.

In after-hours trade, shares of St. Louis-based Monsanto (MON) grew 2.26% to  $108.50, after Reuters reported that Germany's Bayer would announce Wednesday an agreement to buy the agricultural products company for less-than-hoped-for $130 per share.

Still, Leverkusen, Germany-based Bayer has reportedly raised its offer from the previously sweetened bid of $127.50 per share. The deal would be the largest-ever cash acquisition and value the target at nearly $56.8 billion.

Shares of Herbalife (HLF - Get Report) also sprouted in extended trading, gaining 2.36% to $61.25 after billionaire activist Carl Icahn said during a CNBC conference that he was looking to own up to 50% of the Los Angeles-based supplements maker. He already has permission to buy up to 35% while hedge fund manager Bill Ackman, of Pershing Square Capital, expects the company's shares to wither and has built up a short position, according to CNBC.