Oil price: BP boss Dudley suggests a 'year of two halves'

The price of oil will rise in the second half of the year, the boss of BP has predicted, after the price plunging to a 12-year-low sparked a day of turmoil on global markets.

Bob Dudley said he believed the there would be continued volatility for the first six months, with the possibility of a further drop.

But he told the BBC's Economics Editor Kamal Ahmed that the US easing production and growing demand from America and China could see a rise in price in the third or fourth quarter.