Where will the price of oil go? World economy is still falling, a bit less bad but the price of crude oil goes up. Doesn't seem logic but that is what we are seeing.
Crude Oil Daily Chart
Look at the daily chart, I'm really bullish because I think that the price has broken out of a channel trading. The next price action that I'm looking for is to see the price correct and still able to close above the upper channel line (resistance becomes support theory). If that happens, you can surely see higher crude price. If the 1st scenario doesn't happen, then look for thee next support that will be around 55.00.
Crude Oil Weekly Chart
Weekly chart says that the price is testing the uptrend line that was broken November 2008. If it can go higher, then expect the next target to be USD80.00. The RSI value also tells me that the price still has leg to run.
Remember, a finite resource can only last a finite time. When everyone realizes that there aren't more left, then we should start to kill each other to get it! I think that before we start killing each other for the oil, it should go up until it becomes a luxury good.