The United States Oil Fund (NYSEArca: USO), which tracks West Texas Intermediate crude oil futures, is higher by nearly 8% over the past month, but that does not mean crude’s recent rally is running on fumes.

In fact, some oil market observers believe the commodity can continue rallying, perhaps to $70 per barrel, implying significant upside from Tuesday’s close at $49.33 per barrel. Looking ahead, the Organization of Petroleum Exporting Countries will consider agreeing on output cuts for most members when the group’s energy  ministers meet on November 30.

SEE MORE: Energy ETFs Rally as Russia Joins OPEC in Considering Supply Limits

OPEC plans to diminish output to a range of 32.5 to 33.0 million barrels per day from its current estimated output of 33.24 million barrels per day. While Saudi Arabia, OPEC’s biggest producer, has agreed to reduce output, Iran, Libya and Nigeria might not follow suit.

“Master technical analyst Louise Yamada says two charts show that crude, still largely trapped in a long-term bear market for more than a year, is targeting new levels around $70,” reports CNBC.

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