Probis Securities on Friday said Brent crude, the international benchmark, could hover around $80 a barrel in the near term.

In an interview to CNBC-TV18, Jonathan Barratt, chief investment officer, said, "When we look at where Brent, West Texas Intermediate (WTI) trading and the severity of the selloff, that indicates we have an important top in place."

"I think we are back in range, nothing will be in this range for some time. We have $85/bbl on the topside and $75/bbl on the downside for Brent," Barratt said.

According to Barratt, worst of the rise in crude oil prices is behind us.

On geopolitical front, he said, "There is nothing new out there. We also know that the levers are in place to reduce the volatility."