I think the market was pricing in the narrative pushed by Aramco that Saudi would only lose not more than 80 barrels per day a few hours after the price spike. Now even Saudi officials stated that it would take more time than what Aramco pushed into the media. Some experts claim that Saudi will lose more than 80 barrels per day and there will be a supply crisis in the future.
Speculators are net-long for Brent futures and in the spot market, institutional traders are putting a lot of split orders, testing the water for liquidity hence the price right now is in a tight range. I am long bias for BRENT and i am looking at another test on the liquidity pool I have identified.