New york's main futures contract, light sweet crude for delivery in March, jumped 1.60 dollars to 73.49 dollar per barrel.
London's Brent North Sea crude for March also added 1.60 dollars to 71.71 dollar.
«Today, market participants will be watching for the US dollar movements as well as global equity markets for further signs of US economic conditions», said Sucden analyst Myrto Sokou.
The euro jumped back above 1.38 dollar on Tuesday on intense speculation the EU will help Greece resolve its fiscal crisis after many players had bet against the currency in recent weeks, dealers said.
A weaker US currency tends to boost dollar-priced oil because the commodity becomes cheaper for buyers using stronger currencies.
