In my opinion, we could be going higher once again from the range of $48.34 - $47.60 (rising trend line blue). US oil inventories are dropping and the monthly OPEC report released this week did not carry any bearish signals. Last week's inventory report did show a build in gasoline inventories. however, a drop this week could easily fuel fresh rally to $51.64 and $54.76
Place stops below blue trend line
Place stops below blue trend line