Oil has some ways to go before a price rout technically ends.

While futures in New York are extending an advance for the second day to near $30 a barrel, rebounding from the lowest level since May 2003, they must breach $34 to show the rally is more than a momentary bounce, according to CMC Markets.

“It would take a move up through $34, near the December low, to indicate a more significant corrective rally is under way,” Ric Spooner, a chief analyst at CMC Markets in Sydney, said by phone. “That’s the area of immediate resistance but it’s a long way from where we are now.”

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