As oil prices gave up some of their recent gains on Tuesday, analysts told CNBC the outlook for crude was poor as the fundamentals of the global economy re-assert themselves.
August was an intensely volatile month for oil, which made steep losses and hit $37.75 per barrel at one point, before reversing those losses for the month and hitting $47.17 Monday.
Monday's oil price spike may have been motivated by the Organization of Petroleum Exporting Countries (OPEC) talking about production cuts for the first time in the current low-price run, cuts to U.S. output estimates, or just by the perception that its price had fallen too far, analysts said.
Either way, the rally could be short-lived for a number of reasons. To start with, OPEC talking about cuts and actually making cuts are rather different phenomena.