The daily chart of oil shows that the 98-99 price level held for five different advances this year. However, with the Egypt situation prices finally moved through resistance to hit the 108 level. Also note that inventories have taken a sharp dive over the last few weeks:
The weekly chart really shows the new key levels. The 110 and 114 price level are now key resistance ares for the market.
Oil is the only commodity market that is showing any meaningful price appreciation right now.
In case you were wondering, here's a chart of the relationship between oil prices and gas prices. I've reduced both to a scale 100 to show the very tight relationship.
