A new oil order has arrived and it will be marked by greater uncertainty and generally lower oil prices as the oil industry frantically re-prices as costs decline and gains in efficiency are made, strategists say.
As investors continue to weigh up the fallout of a rout in oil prices since June last year, Goldman Sachs has warned that the "level of uncertainty cannot be underestimated as these dynamics spill over into the price of commodities, currencies and consumption baskets around the world, with far-reaching market and economic implications."
And amid heightened uncertainty, oil prices can swing sharply in either direction as developments this week have shown with a crisis in Yemen triggering a spike in crude.
"Oil has been sideways for about four months, in a $15 range; it hits a bottom, bounces up, hits the top comes back down," Sean Corrigan, founder of True Sinews Consultancy told CNBC Europe's "Squawk Box" Friday.
"We're all waiting for the next break and trying to find the signal that will push us from this range," he added.