Outlook for Brent

BofA Merrill Lynch says in a report:

Evidence continues to build for higher Brent (and WTI) prices. The impulsive, 5 wave advance from the Jan-13 low (50.10 in the June contract) and 16yr trendline says the trend has turned higher for 67.75/67.87 before renewed topping. 

Bigger picture, Brent is likely to be stuck in a 70-50 area range trade before ultimately resolving higher toward 80/90, but this is likely as story for summer 2105.