Wall Street ended just shy of records on Tuesday as a collapse in crude oil prices limited upward momentum.
The S&P 500 climbed 0.13%, ending less than 10 points from its record close set last Friday. The Dow Jones Industrial Average added 0.12%, 30 points from its Friday all-time high. The Nasdaq increased 0.21%, coming off of session highs that notched new all-time intraday records. Broad gains were seen across the majority of sectors, aside from energy and basic materials.
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.
"OPEC may yet reach some step toward reining in excess supply, but it looks as though it will be a weak, unhappy compromise rather than a clear assertion of control over the balance in the global petroleum market," Tim Evans, energy futures specialist at Citi, wrote in a note.