Oil and USD have an inverse relationship as you probably know. I'm looking for short term sustained strength with mid - long term weakness in the USD. USD short term strength means that Oil should drive down to $30ish but shouldnt break the lows.
You can view the open interest here: https://i.gyazo.com/0f0a7e75ac590eba1dec1a9e29da48c3.png
Open interest has recently dipped as has volume while price has risen. That's a bearish signal but long term that big period of accumulation would lead me to think we are going higher. This combined with my USD bearishness gives a good case for longer term oil strength. Cheers, David.