It is the first time I am looking at monthly chart for oil. It is also interesting to note that the conditions are ripe for a move back towards $ 75 again.
I am not saying we cannot see some upside, but in terms of position the core should be short. The short-term chart as mentioned yesterday can be used for managing short term trade, i.e. sell between $ 102-103 (its now 103.72) and place stop-loss @ 111.50. For long term SELL @ 102-105 and add $ 120 when seen. Profit as stated @ 78 for now.