Vienna - A recovery in oil prices which began last month is not justified by fundamentals as there remains a supply glut in the market, oil cartel Opec said Monday in its monthly report.
Crude prices rallied about 20% in February, ending a losing streak lasting about eight months in which prices collapsed by 60%.
But the Organisation of the Petroleum Exporting Countries (Opec) warned that prices picked up even though there was still an oversupply of almost one million barrels a day on the market.