Tradition Energy's senior market research director Addison Armstrong says in addition to the markets' overly enthusiastic response about the prospects for Europe today, other oil price drivers Tuesday include "one, the oil market was technically oversold coming into the week and became even more so in early Monday trading; two, after last week's sharp sell-off, there is substantial profit-taking; three, it is the end of the quarter on Friday -- plus many traders will be out of the market for a religious holiday on Thursday and Friday, and that has brought forward by a couple of days some of the position-squaring that is common when a quarter comes to an end." Zeman says that bargain hunters began coming back into the oil market at $80, and adds that dollar weakness also played a role in Tuesday's strength. At this point though, he bets that it's unlikely that prices can move up beyond the prior $80 to $90 trading range. On Tuesday, Canaccord Genuity analysts continued to worry about a long-term decline in oil prices and that a sustained decline could put their earnings estimates at risk, especially for North American- land focused oilfield services providers. They are now reducing their target prices -- factoring a recessionary downside scenario for the service companies they cover -- while still favoring going long the stocks as long as oil prices don't fall below $50 a barrel for a prolonged period of time. Canaccord Genuity analysts lowered 12 to 18-month price targets for a number of companies while pointing out their upside potential: Baker Hughes ( BHI) to $59 from $90 with 15% upside potential; Halliburton ( HAL) to $46 from $67 with 35% upside potential; Schlumberger ( SLB) to $73 from $104 with 16% upside potential; Weatherford International ( WFT) to $18 from $29 with 35% upside potential; Basic Energy Services ( BAS) to $28 from $47 with 103% upside potential; Noble ( NE) to $40 from $55 with 24% upside potential and Ensco International ( ESV) to $68 from $82 with 52% upside potential. -- Written by Andrea Tse in New York. >To contact the writer of this article, click here: Andrea Tse.