After their sharp drop late last year, oil prices have been trading in a relatively steady band for more than a month, raising an obvious question: Has the market hit a bottom? A number of fundamentals suggest not yet: Global storage levels are brimming. Economies in the U.S., Europe and Asia are all mixed, clouding demand forecasts. And some of the world’s biggest producers—including Saudi Arabia, its fellow OPEC members and Russia—are still pumping at full speed. All of that means the global glut of oil that caused the big price drop in the first place isn’t likely to ease soon.