The Nymex crude oil futures market remains in a solid price uptrend and this week hit a 3.5-year high near $73.00 a barrel. The bulls are in solid technical control and there are no early warning signals of a market top being close at hand. However, the bearish fundamental of rising U.S. crude oil production, which is now at a record high of over 10 million barrels a day, will almost certainly cap this rally at some point soon. But right now, the bulls have power to suggest more upside in the near term, including a test of major psychological resistance at $75.00 a barrel. Stay tuned!
