Stocks moved higher on Tuesday morning, shaking off earlier losses driven by a slump in crude oil.
The S&P 500 was up 0.2%, the Dow Jones Industrial Average gained 0.1%, and the Nasdaq added 0.4%.
Oil prices slumped on Tuesday as doubts rose over whether major oil producers can agree to a production cut. Reports emerged Tuesday morning that Iran's oil minister, Bijan Namdar Zanganeh, had ruled out cuts from the world's sixth-largest producer. Iran had recently argued that Organization of Petroleum Exporting Countries that had increased production in recent months should be responsible for the bulk of production cuts.
This is just another wrench in the works for a possible OPEC agreement. Russia's oil minister reportedly won't attend an Organization of Petroleum Exporting Countries meeting on Wednesday, a day after Saudi Arabia's oil minister, Khalid Al-Falih, expressed his own doubts over the outcome. Al-Falih suggested OPEC should let demand drive prices rather than a production cut.
OPEC aims to limit production to 32.5 million to 33 million barrels a day, though some members are reportedly hesitant to cede market share. The bloc pumped a record 33.83 million barrels a day of oil last month.
West Texas Intermediate crude oil was down 3.7% to $45.35 a barrel on Tuesday morning.
The energy sector was the worst performer on Wall Street Tuesday. Shares of Chevron (CVX) , Exxon Mobil (XOM) , Royal Dutch Shell (RDS.A) and BP (BP) tumbled, while the Energy Select Sector SPDR ETF (XLE) toppled 1.8%.