Oil prices have rallied off their post-crisis lows, in a move that may mark the bottom of the rout as producers' cutbacks begin pinching supply, some analysts said.
"We've seen the lows for the year," Daniel Morgan, global commodity analyst at UBS, told CNBC, citing producers' steps to decrease counts and aggressively cut capital spending. "Financially, the oil price just got sold off too aggressively and so was poised for a comeback."
He doesn't believe Brent at around $59 a barrel is "appropriate" on a longer-term view, adding it's still an attractive entry point at current levels.
Read More Oil expert: This is a 'dead cat bounce'
U.S. oil climbed was down slightly on the day at $51.23 after trading as low as $43.58 last week, its lowest since mid-2009, during the Global Financial Crisis (GFC). Brent for March delivery rose as high as $59 a barrel in Asian trade Wednesday before retreating to around $56.32. Last month, Brent had traded as low as $46.40, plumbing levels last seen during the GFC. Prices had fallen as much as 60 percent since June of last year.
Morgan isn't alone in calling the start of a recovery.
"Oil prices will recover this year and average $60 a barrel for Brent," Nomura said in a note Monday, citing comments from oilfield-service company Baker Hughes on North American rig activity.