BP suffered a sharp slide in first-quarter profits, hit by the plunge in crude prices that has battered revenues across the oil industry.

Brent crude futures have risen 45 percent. If that is sustained or even increased throughout this year, inflation next year could rise significantly, posing questions for policymakers largely committed to ultra-loose policy.

The rebalancing of the global oil market may still be in its early stage with the outlook “only getting murkier”, according to the International Energy Agency, as uncertainties remain about demand and supply responses to the steep drop in prices.

Deals for North Sea oilfields — which have been held back by the plummeting price of Brent crude — could soon come back on stream, as a new tax cut helps to draw in private equity investors.

“Why do you want to rock the markets? The markets are calm. Demand is growing,” al-Naimi told reporters in Jazan, Saudi Arabia.

Oil tops $60 for first time in 2015, industry cutbacks support

Brent crude oil prices will average $58/bbl in 2015 and $75/bbl in 2016

Crude oil prices on the New York market bounced up $2/bbl to settle slightly above $50/bbl Feb. 5. The positive momentum continued during early Jan. 6 trading in what has proved to be a turbulent week for oil prices.

Currency depreciation against the dollar affects oil importers and exporters differently

The growing uncertainty surrounding oil prices presents a major challenge to all price forecasts. EIA's January Short-Term Energy Outlook (STEO), released yesterday, forecasts Brent crude oil prices averaging $58/bbl in 2015 and $75/bbl in 2016, with annual average WTI prices expected to be $3/bbl to $4/bbl below Brent.