Oil prices continued their rally on Tuesday as investors continued to bet that a sharp decline in U.S. drilling activity will balance the oversupplied global market even as analysts cautioned that the rebound may not prove sustainable. Front-month Brent crude, the global oil benchmark, rose 2.3% flirting with $56 a barrel on London’s ICE futures exchange. On the New York Mercantile Exchange, light, sweet crude futures for delivery in March recently traded at $50.65 a barrel, up more than 2% from Monday’s settlement. Both the global oil benchmarks have gained more than 11% over the last three sessions after data last week showed the number of oil-drilling rigs in the U.S. fell to their lowest in three years. Gareth Lewis-Davies, analyst at BNP Paribas , said that investors are encouraged by the […]