Oil and oil products in America are on the rise and nearing levels not seen in at least 20 years.
While the I do not have access to the raw data for the OECD, graphs from the International Energy Agency show the same trend.
(If you have access to additional data on inventory levels in America, OECD or emerging markets I'd love to see it.)
I present this information not to buttress a prediction for lower oil prices but to highlight some info that contradicts the current outlook.
Some additional factors for oil:
Additional reading: http://ftalphaville.ft.com/blog/2009/07/22/63186/nothing-bullish-in-crude/
Disclosure: Personal account: long RDC, client accounts: short USO call spreads, long RDC