Oil prices reversed a sharp sell-off a day earlier to rise about 2% on Friday on mounting fears that it could take weeks to dislodge a giant container ship blocking the Suez Canal, which would squeeze supplies of crude and refined products. Prices, however, were still headed for a third consecutive weekly loss, with the outlook for demand dented by fresh coronavirus lockdowns in Europe.
Trade is back up around the 62.05 resistance level, leaving the market on the balance level between bull / bear trend forces. A close over 62.05 implies rallies to 62.70 / 63.10. A close over 62.70 is bullish. Any close under 57.40 is bearish.