Investing.com - U.S. stock markets pointed to a higher open on Tuesday, with the Dow futures erasing a triple-digit loss as oil prices battled back to return above the $30-a-barrel level.
The blue-chip Dow futures inched up 25 points, or 0.15%, by 12:00GMT, or 7:00AM ET, after being down more than 100 points earlier. The S&P 500 futures tacked on 6 points, or 0.29%, while the Nasdaq 100 futures rose 9 points, or 0.2%.
Oil prices turned higher in North America trade on Tuesday, after falling below the $30-level overnight, as traders covered short positions amid speculation OPEC and non-OPEC producers may be edging closer to a deal to cut production in an effort to stem the persistent slump in oil prices.
U.S. crude was up 17 cents, or 0.54%, to trade at $30.51 a barrel, after hitting a session low of $29.26, while Brent rose 22 cents, or 0.7%, to $31.51.
European stock markets came off the lowest levels of the session on Tuesday, paring steeper losses that came after sizable falls for oil and Chinese markets.
China stock markets fell sharply, with the Shanghai Composite plunging more than 6% to end at a 13-month low, after a late bout of panic selling triggered by intensifying global growth concerns and ongoing weakness in oil prices.
In earnings news, Apple (O:AAPL) is due with its fiscal first quarter results in after-hours trade Tuesday. The iPhone maker is expected to report a profit of $3.24 a share on revenue of $76.4 billion. Investors were anxious to hear how many new iPhones were sold during the holiday quarter and its guidance for the current three-month period.
Other companies reporting earnings Tuesday include, Procter & Gamble Company (N:PG), Johnson & Johnson (N:JNJ) and 3M Company (N:MMM).
The Conference Board will publish data on January consumer confidence at 10:00AM, with market players expecting the index to hold steady at 96.5.
Traders also looked ahead to the Federal Reserve's two-day monetary policy meeting due to begin later in the day.