oil is the single most valuable commodity on the planet. I cant think of another resource that has the power to send developed civilization back to the stone ages.
@oneyussuf, i'd say oil is a little over extended on the shorter view could see a slight pull back... I cant imagine it going below $88-89 and with many of the large oil consumption countries getting colder weather i'd say there is more likely chance we could see some higher number. this all goes without any mentions of Ukraine....holiday season is upon us though and lots of people are moving around for sporting events, school events... shopping season is about to kick off...
volume is also pulling back some resistance gets thicker the closer to $100 you get. but oil does look pretty bullish