Prices for Brent oil neither soared nor collapsed yesterday. Meanwhile, the Friday trading was marked by some upturn of oil quotes, which means that the market wants to keep recovering after the massive selloffs observed in late 2018.
According to the market analysts, oil is getting support from the oversold positions that appeared on aggressive liquidation of longs as well as the greenback fluctuations. The latter is still trying to regain positions, which looks quite attractive for the sellers, though it is getting clear now that the sentiments towards the dollar change due to the political tensions and softer stance of the US Fed.
This week, large support to prices came from Saudi Arabia, which announced upward revision of the prices for all oil brands to be exported to the USA. Moreover, quotes of brands for the Asian region also went up.
The Brent oil, in its turn, has been posting stronger positions for the second week. The price has hiked by some 7% over the week and hit new highs coming to the $62 handle. At the same time, the level of $62 is considered as the next obstacle for the market bulls. For now, further price upturn seems to need extra driver since the increase is losing the pace, as the market analysts noted. At the same time, some profit-taking is possible especially ahead of the weekend.