Hopes of global production cuts helped boost crude prices on Tuesday. March West Texas Intermediate crude added $1.11 to settle at $31.45 a barrel on the New York Mercantile Exchange. On the London ICE Futures Exchange, March Brent crude gained $1.30 to end trade at $31.80 a barrel.
Media reports are surfacing that members of the Organization of the Petroleum Exporting Countries are signaling a willingness to negotiate production cuts with non-OPEC members. While this got a positive reception among crude traders, it also sounds much like past signals that OPEC members have sent.
February natural gas gained 2.2 cents on Tuesday. The New York Mercantile Exchange contract settled at $2.18 per million British thermal units.
