As many investors have found over the past year, the oil market is a tough nut to crack when it comes to predicting price moves.

For those seeking guidance from Saudi Arabia’s oil minister, Ali al-Naimi, just follow his gaze to a higher authority. Asked by CNBC on Tuesday if there was a level for oil prices that would force the Saudis to cut production, he replied: “No one can set the price of oil — it’s up to Allah.”

As for the potential for supplies coming to the market from other countries, such as Iran, he held firm in refusing to talk about oil prices. “I’m not worried about Iran crude nor will I try to predict where the price is. If I were to predict, I would be somewhere else, gambling.”

While oil prices plunged in late 2014, they have been broadly rising since mid-March. Even so, many aren't ready to call the bottom yet, given concerns about oversupply, including the potential for more supply that could come from non-Organization of Petroleum Exporting Countries. WTI crude CLM25, jumped 25% in April, while Brent UK:LCOM5 surged 21%.

Tuesday was shaping up to be a big day for oil, with Brent prices cresting above $67 a barrel, partly due to protests at a Libyan oil port.

The oil minister was asked as well about a comment in an OPEC monthly report for April that reportedly blamed on speculators in part for moves in Brent.

“Speculators influence the short changes in price. Long term, supply and demand control the price,” said Al Naimi, who then quipped: “Don’t try to incriminate anybody.”

Analysts at Commerzbank said the rise in Brent prices in recent weeks has clearly been driven by speculators.

Wall Street eyes oil above $60 a barrel

Commerzbank analyst Carston Fritsch and his team noted that money managers extended their net long positions for the seventh straight week in the week to April 28, the highest level since the data series began in early 2011.

But he said OPEC blaming speculators for the price slump in the second half of 2014 doesn’t wash. Speculative long positions in Brent hit their lowest point back in October, and the price slide only picked up around the time of OPEC’s meeting in November, he said.

“At this point money managers were actually building their net long positions again because they anticipated recovering prices,” said Fritsch.