Peak oil must be here.....XOM reported they can't grow anymore due to declining production from from existing wells. They are losing 6% a year due to depletion.  They can't keep up with the loss with new drilling......

http://finance.yahoo.com/q/bc?s=XOM+Basic+Chart&t=1m

Prices will move higher on WTI going forward barring another recession.  We do know China has kick up growth recently and the Euro zone is turned to positive growth again albeit just slightly. This bodes well for the long term price appreciation for oil.