Oil prices get a respite, but analysts have zero faith it will last

Crude oil prices regained some ground early Asia trade Tuesday but traders fear oversupply will continue to undercut prices for months to come.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG6, +0.95% traded at $36.14 a barrel, up $0.33 or 1% in the Globex electronic session. February Brent crude LCOG6, +0.80%  on London’s ICE Futures exchange rose $0.28, or 0.8%, to $36.54 a barrel after it plunged to 11-year low on Monday.

“This technical rebound will not last long because there is still no visible solution to the problem of supply outpacing demand,” said a Singapore-based trader.

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