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Does Brent have $85 in sight this week?

On Friday Brent crude set its highest weekly close of the year so far. Brent rose to a high at $83.66 and later settled, $0.61 higher on the NYMEX exchange, at $83.47. Looking at the daily chart on this, the price action and close on Friday suggests there is more potential upside. That is not to say it will be realised of course and much will depend on the news this, as to whether or not it can push to test the highs seen on January 29, when it reached $84.17 and beyond, towards or above $85 per barrel. So far today that is not happening though, as Brent drops back below $83 in Asian trading. The low seen earlier today was set at $82.65, down from a session high at $83.35. It is just now trading at $82.92
 

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