Oil prices sold off sharply Tuesday, giving back a big chunk of prior-day surge, as fresh signals of global oversupply and weak demand buffeted the market and analysts cautioned that the recent market rally appears unsustainable. The benchmark U.S. crude contract settled down 3.7% at $36.50 a barrel on the New York Mercantile Exchange, undoing much of Monday’s 5.5% jump. The global Brent contract fell 2.9% to $39.65. Both contracts are up more than 40% from the depths of multi-year lows in the $20-range hit in January and February. Overall, investors appeared to be taking stock of the run-up in oil prices over the past month and heeding analysts who note the world’s oversupply of oil is still high and that supply-and-demand fundamentals haven’t yet begun to recover. The market was also buffeted with a series of headlines Tuesday reinforcing the notion that a recovery remains far off. “I […]