Oil futures settled higher on Tuesday, with West Texas Intermediate crude at its highest level in eight weeks, after a news report said that most major oil producers support a decision to stabilize crude production.Earlier, prices struggled for direction, pressured after downbeat data on Chinese manufacturing raised worries about a slowdown in energy demand, but also supported by some expectations that crude output will see a significant decline.
April WTI crude CLJ6, -0.99% settled at $34.40 a barrel, up 65 cents, or 1.9%, on the New York Mercantile Exchange. That was the highest settlement since Jan. 5. Prices gained roughly 0.4% during the volatile month of February.
May Brent crude LCOK6, -0.35% on London’s ICE Futures exchange added 24 cents, or 0.7%, to $36.81 a barrel.
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