RE:RE:RE:RE:US.Oil is certainly moving into new a price zone its not been in for several years.
An interesting aspect of the NY and UK oil price is that its affected by demand/supply - the proxi for which is the change in storage.
Most of the World's storage is not reported at all, or is so far behind to make it useless as an investment indicator.
Traders have relied (still rely), on the weekly storage data put out by the US, and use that as a proxi for the situation in other countries.
The interesting part is that the US situation may no longer be a good proxi for other Countries. China, Indian, Europe, and much of the third world, seem to be experiencing a different demand/supply situation than the US. The last couple of weeks the US reported storage builds, and the WTI and Brent oil prices both declined as a result - but about 2 days later the upward movement continued as traders moved from a perception of global surplus, to a realization that the surplus is regional within the US only.
The US may be the largest consumer of oil, but the marginal consumers are driving the price - these are the power plants in Pakistan etc that are buying additional oil to replace high priced natural gas.
The ability of an increase in oil's price to reduce demand is affected by the price of its alternatives - coal and natural gas. With coal and natural gas prices being high, the price elasticity of oil has been reduced.
OPEC+ is in firm control of the oil price - they'd like it higher than lower, and would like it to get their slowly, rather than all at once. Their biggest fear is demand distruction, which is only a serious fear, when nat gas and coal prices are lower. As long as Nat Gas and Coal prices are high globally (not within the US), OPEC+ will know they can gradually let the Oil price grind higher.