Oil prices rose 5 percent on Friday to scale the $30 mark breached last week, as cold U.S. and European weather as well as firmer financial markets gave traders reason to cash in on record short positions. While crude futures on both sides of the Atlantic were poised for their first weekly gain this year, analysts cautioned that the bounce in prices could be driven by sentiment given soaring inventories amid persistent overproduction. “This could be the bottom, but people still feel that inventories will continue to rise as global crude supply continues to outpace demand,” said Tony Nunan, oil risk manager at Mitsubishi Corp in Japan. “Fundamentally, oil prices are already too low if you look at the medium to long term,” said Nunan, “but how far will sentiment continue to drive […]