The Nymex crude oil futures market has just hit a 3.5-year high above $70.00 a barrel. See on the daily bar chart that prices are in a solid uptrend. There is no doubt the technical posture of the oil market is fully bullish. However, my bias is that crude oil prices will not stay above $70.00 or long. Reason: The very strong fundamental of rising U.S. shale oil production will act as a bit counterweight to much more upside price action in the crude oil market. Reports out just recently showed U.S. crude oil production is now above 10 million barrels a day. Stay tuned!
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