The price of oil has made minor gains over the past few weeks or so but analysts tell CNBC it's not yet time to celebrate.
Crude prices have made steady gains this spring, rising nearly every week since mid-March. Brent is up nearly 25 percent since March 16, with WTI jumping 35 percent over the same period. Brent was edging near $68 as of 14:00 GMT Thursday, with WTI up near $60.
But some analysts say the recovery won't hold.
"We don't think we're out of the woods yet when it comes to oil markets improving," Barclays oil analyst Miswin Mahesh told Worldwide Exchange Thursday.
"There have been some factors that have improved in terms of demand, and in terms of supply reducing. But if you want to look in terms of escape velocity, the momentum required for those balances to stay in a drawdown category for inventory...we haven't reached that yet."
Instead, Mahesh said, minor price gains are encouraging a fresh flood in supply.
"The higher the price goes now and the swifter it is going, we will see producers sort of curtail their ambitions to cut production."