There is to much oil right now according to demand.I've read that economic situation will slow down the future oil use and countries will focus to be less dependant in the next future .

We will need fossil oil for a very long time to go but the crisis situations ,debt burdens and latest BP event which shows what can happen when oil giants don't take to much attention on their safety of their projects but only focussing on making big profits, will force projects to come on line more rapidly now.

A fast rising inflation will kill the economy also so if they can keep all in balance maybe we can pick up the bull trend but IMO it will not occur in the next years to come therefor the have let the econmy and the debt derailed for to long .Now that the rope around their neck is tightened they must act.

Now I'm betting on a small recover but I'm not sure it will last for a long time.Charts have a weak trend.