The International Energy Agency (IEA) might have warned about a medium-term price surge, but the current value of oil remains stubbornly low.

Even expectations of Opec holding production quotas beyond June, a weak dollar and a pick-up in the world economy have done little to bring the crude buyers out in big numbers.

Brent Blend struggles to stay above $50 per barrel, a considerable way off the $58 high seen in January and less than half what it was in early 2014.