The Australian share market has closed higher, recovering most of its Monday losses after a small but much-needed lift in oil prices.

At the close on Tuesday, the benchmark S&P/ASX200 index was 73.6 points, or 1.41 per cent, higher at 5,281.3, while the broader All Ordinaries index was up 69.3 points, or 1.34 per cent, at 5,260.0, according to preliminary figures.

On the ASX 24, the December share price index futures contract was 79 points higher at 5,291, with 35,926 contracts traded.