Supply outages and growing demand from China mean crude prices will come into "much better balance" in the next few months, an energy analyst told CNBC.
Jefferies' Jason Gammel told CNBC on Monday the oil market had swung from oversupply to undersupply in April thanks to disruptions in production in Nigeria and Alberta, Canada, taking around 2 million barrels per day out of the market.
"I think with continued demand growth over the course of this year and continued declines in non-OPEC supply that we are already seeing in places like the United States, the market actually comes into much better balance by the end of the third quarter and that's the stage for fundamental price recovery," he told CNBC television in London.
As global crude output fell, demand from China — a massive consumer of energy — rose in April. Its crude imports reached 8 million barrels a day, up 7.6 percent from a year earlier, according to official Chinese data cited by Reuters on Monday.