SINGAPORE (APP) – Oil edged higher in Asia Tuesday, extending gains from the previous day after US firms cut drilling activity, but analysts doubt the rebound will be sustained as supplies still far outweigh demand. US benchmark West Texas Intermediate (WTI) for March delivery rose 36 cents to $49.93 while Brent crude for March gained 44 cents to $55.19 in afternoon trade.
On Monday, WTI punched through the psychological mark of $50 a barrel before closing at $49.57 while Brent tested $55 mark before ending at $54.75.
