Crude Gains but Market Outlook Remains Weak

Crude oil futures were higher in Asia afternoon trade Tuesday, but analysts remained cautious saying the overall market sentiment still remained weak.

At 2:17 pm Singapore time (0617 GMT), the April ICE Brent crude futures rose 76 cents/b (1.43%) from Monday’s settle at $54.03/b, while the NYMEX March light sweet crude contract rose 62 cents/b (1.25%) at $50.19/b.

“I am hesitant to call it [oil price recovery] a recovery…