Too late to turn bullish on oil?

Although the media has "turned bullish" on oil, I wonder if this sentiment is a sign of a short term top.  I think the OPEC news is largely irrelevant.  We are awash in oil.  From a technical perspective, both WTI & Brent are approaching short term overhead resistance.

Where does the Canadian dollar go from here?

The $CAD has been rallying hard off the bottom after collapsing to 68 cents US in late Jan.  As the long term chart shows, the $CAD has crashed faster and fallen further than almost anyone would have predicted.  After such a crash, dead cat bounces and the development of subsequent trading ranges are almost inevitable (it's not going to zero nor it is it going to rebound significantly anytime soon).  Fundamentals do not support a strong Canadian dollar nor a strong oil price on which it is heavily dependent.  If history is any guide, both oil and the $CAD will remain depressed for a long time.  Technically speaking, the $CAD is hitting solid overhead resistance around 78 cents.  I suspect an intermediate term trading range develops between 72 and 78 cents for the next several months.

How much is oil worth?

How much is oil worth?  In my opinion, much less that its current price.  As illustrated above, the price of oil does not have a definitive long term price trend.  Analysts will often use supply and demand data in order to forecast the price of oil as they do with gold and other commodities.  They do not, however, take into consideration how technological evolution not only affects oil exploration, but oil usage.  Is it reasonable to assume that the world will consume more oil in the future than it does today?  I think the price of oil is based on approximately 75% public psychology and 25% current fundamentals.  It is short sighted to suggest that over time, a better technology won't replace oil as a primary source of energy (ie. solar).  Oil, other commodities, bonds and real estate tend to go up in price when global stocks are not (i.e. during a secular bear market).  We're now in a secular bull market for global equities that probably began in 2012.  Expect most commodities (including oil) to fall in price.  Based its historical price, a barrel of oil is probably worth around $30.