Crude oil prices gained in Asia on Tuesday, rebounding from an overnight fall as investors looked for bargains.

Crude oil for delivery in March on the New York Mercantile Exchange rose 0.32% to $29.95 a barrel. Data on U.S. crude stockpiles from the American Petroleum Institute will likely be delayed until Wednesday, and a separate government report will likely be released on Thursday as a major snow storm on the U.S. east coast shut down the government in Washington.
Overnight, oil futures fell in North America trade on Monday, as investors shifted their focus back to concerns over a global supply glut and slowing global demand.
On the ICE Futures Exchange in London, Brent oil for April delivery lost 99 cents, or 3.01%, to trade at $31.85 a barrel.
London-traded Brent futures soared nearly $3, or 10%, on Friday, as expectations for fresh central bank stimulus in Europe and Japan triggered a massive short-squeeze rally.
Brent futures gained $3.45, or 11.2%, last week, snapping a three week losing streak. Despite recent gains, Brent prices are still down almost 15% since the start of the year.
Global crude production is outpacing demand following a boom in U.S. shale oil and after a decision by the Organization of the Petroleum Exporting Countries last year not to cut production in order to defend market share.
Oversupply issue will be exacerbated further as Iran plans to return to the global oil market after western-imposed sanctions were lifted earlier this month. Analysts say the country could quickly ramp up exports by around 500,000 barrels.
The surge in Iranian shipments is viewed as bearish for crude, which has fallen approximately 75% from its peak of $115 two summers ago, amid a glut of oversupply on markets worldwide.
Most market analysts expect a global glut to worsen in the coming months due to soaring production in North America, Saudi Arabia and Russia.