Oil futures settled higher Tuesday after Iraq’s oil minister said Saudi Arabia and Russia were showing greater “flexibility” over production levels, lifting hopes an output cut could be forthcoming. NYMEX March crude settled $1.11 higher at $31.45/b. ICE March Brent settled up $1.30 at $31.80/b. NYMEX February ULSD settled 3.24 cents higher at 96.77 cents/gal, while NYMEX February RBOB settled up 1.72 cents at $1.0472/gal. Another factor behind Tuesday’s move higher could be the entry of fresh buying interest after crude prices fell steadily for weeks, according to Stephen Schork, publisher of the Schork Report. “We had a prolonged move in one direction and it seems like the market was oversold,” he said. Officials from Saudi Arabia and Russia have each softened their respective stances regarding the current policy of increasing export volumes to compensate for lower oil prices, Iraq Oil Minister Adil Abdul-Mahdi said Tuesday on the sidelines […]