@BooBoo - There is a large increase in USA production no doubt but it is not making the impact on the global level, specifically due to emerging markets.
Naturally the argument some have is that emerging markets growth is slowing but the overall demand remains strong in my opinion. The market is liquid if there is that much extra supply the price would already be retracting significantly.
Just look at NG, it pulled back once it was over saturated in the market place. Of course NG is localized and does not have the global exporting capacity, this would mean to me that it would be that much harder to see oil pull back since the global demand remains.
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