Dow futures briefly add 200 points; oil struggles for gains

Traders in the U.S. are due back at work Tuesday, after markets were closed for Presidents Day, with the oil price fluctuating wildly before the session open.

Overnight, oil prices rallied on hopes of a production cut with the world's biggest oil producers — including Saudi Arabia and several key OPEC members — meeting in Doha. However, WTI briefly turned negative as traders were left disappointed at an announcement that the producers had frozen output at January levels.

The U.S. Empire Manufacturing Index for February came in at negative 16.64, a worse read than expected but better than January's print of minus 19.37.

European stocks held mixed, while U.S. stock index futures held below session highs. Earlier, Dow futures added more than 200 points.

Meanwhile, market watchers will be looking to central bankers for more hints on future monetary policy after steep losses for risk assets this year. At 9 a.m. ET Philadelphia Fed President Patrick Harker is due to speak followed shortly afterwards by Minneapolis Fed President Neel Kashkari. In the evening, Boston Fed President Eric Rosengren is also due to speak.

Across the Atlantic on Monday, Mario Draghi, the president of the European Central Bank, said that it is "ready to do its part" to make "the euro area more resilient", hinting at further stimulus measures to come.

Back in the U.S., Agilent, Cerner, Devon Energy, Express Scripts, Fossil, Kaiser Aluminum, Potbelly, Generac, Surgical Care Affiliates and Vornado Realty all report earnings on Tuesday.

The NAHB survey is due at 10.00 a.m. and TIC (Treasury International Capital) data are due at 4 p.m.

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Chinese markets, on their second day of trading after returning from a week-long Lunar New Year break, led Asian markets as the Shanghai composite closed up 3.32 percent. The Shenzhen composite ended 4.09 percent higher.

— CNBC's Patti Domm, Arjun Kharpal and Saheli Roy Choudhury contributed to this report.