Oil prices were back under pressure Thursday and an exchange traded fund tracking crude futures was down 3% before the bell.

U.S. Oil Fund (NYSEArca: USO) has slipped about 9% over the past week. Crude futures were set for further losses Thursday with oil trading below $97 a barrel after recently spiking to nearly $115.

Some analysts think the rally in oil still has room to run on a global stage that supports the commodities strength. [Some Commodities ETFs Are Left Behind, While Others Shine.]

Although the rise in oil prices is anticipated to be bumpy, the long term trend is projected upward.

Oil prices will be supported by a slowly recovering U.S. economy, an anemic U.S. dollar, and the ongoing social unrest in the Middle East, according to the bullish argument. The increased demand in emerging markets and in Japan will also support this trend. Likewise, flooding around the Mississippi will impact refiners around the Gulf of Mexico, just as they were up and running after the massive BP oil spill.

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