Oil is quickly becoming a potential major threat to the economy.
The weekly chart simply increases the upward bullish case. The EMA picture is very bullish. Momentum is increasing, and an increasing amount of money is flowing into the market. Also, there is very little recent upside resistance to slow the advance.
Finally, there is the political side. With the President putting off Syrian action until Congressional approval is given, he's made sure the Middle East will remain an object of tension for at least another weak. This adds political uncertainty to the fire, which is also bullish for Oil's price future.
It's rare when the multiple technical time frames line up with fundamental developments to create a bullish scenario. When they do, it's hard to not argue to go long.