Tom Pugh, a commodities economist at Capital Economics in London, said he expected prices to stay around these levels for the next two years and, within this, "there should be a correction and we don't rule out another sharp fall."
"The two possible triggers for this could be a nuclear deal with Iran in June or next year when Iranian oil is expected to come into the market," he added.
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Talks between six world powers and Iran over a deal to restrict sensitive nuclear work in return for an easing of sanctions are nearing their final stages. There is a June 30 deadline for the discussions.
Analysts have said that any easing of sanctions on Iran could turn the tap on its oil exports, bringing more supply on to the market and putting downward pressure on prices.
According to the U.S. Energy Information Administration (EIA), Iran holds nearly 10 percent of the world's crude oil reserves and 13 percent of OPEC reserves.
Analysts said while they expected a correction in oil markets, they did not expect oil prices to fall to the lows seen in January of around $46 a barrel on Brent futures, and around $44.3 for WTI set in March.
"I don't think we will get back down to the $45 a barrel area, but a pull back to around $50 is possible," said Capital Economics' Pugh.
Mallinson at Energy Aspects added that a better outlook for demand growth should help provide a floor for oil prices.
"By the third and fourth quarters we should see a better balance between demand growth and supply slowdown and that should help prices rise in a more sustained way," he added.
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