A top analyst said oil may trade in the $25 to $45 range.
"We maintain our view of a trendless market with lots of volatility," Jeff Currie, global head of commodities research at Goldman Sachs, told CNBC on Tuesday. He said that before the oil market bounces back, corporate balance sheets have to experience more pressure amid the oversupply.
"Got to keep pressure on the system, keep capex out of the market, reduce production, keep it below demand — which we are still far away from, the data still shows a surplus; inventory is building — then we start to get the green light to want to get positive," he said on "Power Lunch."
U.S. crude settled up at $35.89 a barrel on Tuesday, after earlier dropping to $35.24, its lowest since March 4. The internationally traded Brent also settled up at $38.04 a barrel after touching one-month lows of $37.27 in intraday trading.