2. Future fears of declining US oil production and Canadian wildfires with outages in Nigeria and Venezuela of 1 million barrels of oil per day are pushing oil prices higher

3. Comparative inventories are the most reliable indicators of oil-price change. Comparative inventories fall and are followed by oil price rallies. In March of 2016, a oil price rally started https://www.youtube.com/watch?v=7VQux0352qI

4. The US cost per barrel of oil is $36.20 versus $9.90 for a barrel of oil in Saudi Arabia (http://peakoilbarrel.com/oil-production-is-going-to-drop/)

5. US oil drilling rigs increased in numbers. The pickup in activity indicates competitiveness of US Shale oil, to cut costs and lower prices. Shale oil is the industries swing producer. If new Shale oil rigs are added then the doubts of shale oil production decline will be lost. Cut backs in shale oil production are not likely due to the productivity gains by producing oil. Currently, the market is over supplied by 1.5 to 2 million barrels of oil a day. (http://www.wsj.com/articles/oil-prices-fall-on-strong-shale-supply-1435918028)

6. The US oil production will be the largest contributor to global oil supply growth over the next five years. (http://www.ibtimes.com/oil-prices-surge-falling-us-shale-output-rebalancing-supplies-iea-oil-market-report-2317320)