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.
Read MoreOPEC concerned about oil drop, ready to talk to other producers
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.