OPEC+ at the beginning of the month set the bullish trend of the oil. Hedge funds reported the most bullish positions in more than a year and an attack on Brent oil. These fundamentals pushed oil above $70 a barrel for the first time in a year.

According to Giovanni Staunov, a commodity analyst at UBS Group, "some withdrawal" on the way to a longer-term recovery had to be taken into account. However, given that OPEC and its allies are cautious about production, the oil market should be sub-stocked and "oil prices will recover," he said.

There is one factor that could push the oil prices down, signs of slowing European economic recovery. Germany hesitates extending of lockdowns. 

Performance of Brent oil futures (Tradingview.com)