Chris,
Certainly a continuation up. However, I guess this may be where longer term fundamentals may come in to play. That is, is the world better off now than since the 1997 high?
That may be were concepts such as peak oil etc etc come in to play.... sorry have had a couple of drinks so just thinking out loud now.
We use oil for absolutely everything and it cannot be replaced. See interesting charts below:
Hubbert Curve
World Population and Oil long term chart
World Population and Oil medium term chart
xjo weekend zoomba lounge, page-73
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