Below are two charts for oil — a one-year chart and a fifteen-year chart.  As you can see in the one-year chart, the price of oil has been in a steady uptrend for the last eleven months.

The longer term chart for oil looks much different than the one-year chart.  Ten years ago, oil was trading above $140, so it’s about half that price right now.  Should price continue higher in the near-term, it’s next resistance level is $80, which is the bottom of the $80-$100 range that it traded in from 2010 through 2014.

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