Even as oil rallies, analysts have barely nudged up their price forecasts as they worry that crude’s current gains might not be sustainable. The price of oil has jumped by around 70% from the decade-lows it hit earlier this year. That is mainly on hopes that dwindling U.S. oil production will help take crude out of an oversupplied market. But many analysts aren’t buying the rally. They question whether the glut is indeed on the wane given current stockpiles and the potential for increased supply from Iran and elsewhere. They point out that last year, the oil price also rallied in the spring on a belief that supply was falling, only to collapse in the second half of the year. A survey of 13 investment banks by The Wall Street Journal sees Brent crude, the international oil-price benchmark, averaging $41 a barrel this year, up a dollar from the […]