Crude oil futures were marginally higher in mid-morning trade in Asia Tuesday, rebounding from the sharp decline overnight, although analysts highlighted that the near-term outlook remains bearish. At 10:35 am Singapore time (0235 GMT), April ICE Brent crude futures rose 34 cents/b (0.62%) from Monday’s settle at $54.79/b, while the NYMEX March light sweet crude contract rose 41 cents/b (0.82%) at $50.52/b. ICE April Brent had settled sharply lower at $54.45/b on Monday, down $2.17/b on the day, and NYMEX March WTI fell $1.45/mt on the day at $50.11/b. While prices have steadied Tuesday morning after the recent bout of over-selling, analysts said that the expected decline in China’s oil demand is likely to weigh on sentiment going forth. “There is with little doubt that a steep downtrend had taken shape, though prices had also […]