The Globe and Mail reports in its Saturday, April 25, edition that oil producers' brutal run of budget cuts and layoffs has turned more hopeful, as global prices rebound from their winter lows. The Globe's Shawn McCarthy writes that the rapid moves by United States shale producers to reduce production -- coupled with geopolitical risk in the Middle East -- have sparked a rally that is also being fuelled by hedge funds and other money managers betting on crude's recovery. Still, Mr. McCarthy says the longevity of the current rebound remains a question. The industry faces the risk of a double-dip in oil prices later this year when producers look to take advantage of the upswing and bring more crude onto the market. Eurasia Group analyst Greg Priddy says: "The crude oil rally lacks room to run. ... The current market focus on a near-term U.S. production peak ignores major production increases elsewhere." Mr. McCarthy says traders are clearly feeling upbeat. While North American prices retreated somewhat on Friday, West Texas intermediate has staged an impressive run since mid-March, climbing from a low of $43.46 (U.S.) a barrel on March 17 to close last week at $57.13 (U.S.).