Oil futures finished higher on Tuesday on hopes that members of the Organization of the Petroleum Exporting Countries and producers outside the cartel may reach an agreement to cut output to stem the persistent slump in oil prices.March West Texas Intermediate crude CLH6, -1.88% rose $1.11, or 3.7%, to settle at $31.45 a barrel on the New York Mercantile Exchange after tapping a low earlier at $29.25. Prices had lost 5.8% on Monday. March Brent crude LCOH6, -1.35% the global oil benchmark, ended at $31.80 a barrel, up $1.30, or 4.2%—recovering from an intraday low of $29.27.
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