The market typically tries to find a summer range, but this year, that range may be a lot bigger than we’re used to. When we fell to the $70 level, I had previously suggested that I was going to look for the range to play out and that to be the floor. So far, that’s been true, but we haven’t found the top. As long as there are concerns in the Middle East, it is more of a reactive market, would be my assumption, than a cyclic one.

Brent Technical Analysis