U.S. crude drops over 3 percent as focus back on supply

Brent crude had settled up $1.30, or 4.26 percent, at $31.80 a barrel on Tuesday."The positive sentiment stemmed from strong U.S. corporate earnings and talk of OPEC and Russia considering production cuts. Wall Street shares also rebounded in choppy trading on Tuesday on hopes oil producers will cut output to address the supply glut that has punished equity markets and pushed crude values to 12-year lows.