Crude posted some sharp price rises on Monday, after news emerged that both Russia and Saudi Arabia said a deal between leading OPEC and non-OPEC producers was possible, when it came to curbing the current oil output, Reuters reported.
However, prices saw renewed pressure on Tuesday, as doubts emerged over whether a production cut would be enough. Around 7:53 a.m. ET, U.S. WTI was trading around $50.85 per barrel, while Brent crude hovered around $52.70.
Alcoa kicked off the earnings season by missing estimates on both the top and bottom line, sending its stock down 7 percent in the premarket. The firm reported revenues of $5.21 billion and earnings per share of 32 cents, with analysts polled by Reuters expecting sales of $5.31 billion and profits of 35 cents per share.
Fastenal also reported weaker-than-expected results.
Aside from oil and earnings, the U.S. Federal Reserve is expected to be on the back of investors' minds, as they deliberate over when the U.S. central bank is planning on raising interest rates, following a lower-than-expected jobs number for September.
One speech investors will be watching, will be that of Minneapolis Fed President Neel Kashkari's, who is due to take part in a Q&A session at Bethel University on Tuesday morning. Kashkari is expected to cover the topics of open market operations, TARP, among other topics.
Overnight, Chicago Fed President Charles Evans said the central bank should engineer monetary policy to spur inflation to rise above its 2 percent target because the costs of doing so are less than in past decades.