Oil rig pumpjacks, also known as thirsty birds, extract crude from the Wilmington Field oil deposits area where Tidelands Oil Production Company, which is owned by Occidental Petroleum Corporation operates near Long Beach, California in this July 30, 2013
Oil rig pumpjacks, also known as thirsty birds, extract crude from the Wilmington Field oil deposits area where Tidelands Oil Production Company, which is owned by Occidental Petroleum Corporation operates near Long Beach, California in this July 30, 2013 file photo. Forty years after an Arab oil embargo throttled the U.S. economy, surging North American energy production has brought the United States closer to a long-dreamed "energy independence" and adjustments to its role in the Middle East.REUTERS/David McNew/Files

Current rally in crude oil prices is surprising many analysts as it is in sharp contrast to weak underlying fundamental picture.

"For now it feels like oil wants to go higher. The problem for the market is that it is being fuelled by what we call 'tourists', not commodity specialists," said Seth Kleinman, head of Energy Strategy at Citigroup, in an interview to CNBC-TV18.

Brent crude oil prices surged by around 10% last week, recording their steepest weekly gain in five-and-a-half years, underpinned by the reports of a decline in US oil production.

The prices of Brent crude recovered to around $63 per barrel, up $17 (approximately a third) from its January low of $46 per barrel.

Sub-$50 is a reasonable price for crude in 2015, said Klienman.

"The problem is we did not go low enough for long enough to do serious damage to supply side, which means we could be setting ourselves up for a very messy second half of the year because of high prices," he said.

Klienman sees a quick rebound in US oil output if West Texas Intermediate (WTI) crude reaches $60 per barrel, resulting in oversupply situation again.

"I think you are going to start to see US production coming back relatively quickly. It can take a month or even two for the companies to get in gear to buy into this rally and that is the problem for the market, if and when that happens, the second half of this year, we can see a ramp up in US productions," he added.

Further, he expects the crude oil to trade in the range of $55-65/barrel if a final agreement on Iran nuclear programme is reached in June, allowing the country to export oil.