Advances in U.S. shale oil production technologies are contributing the to supply surplus and weighing on any oil price gains. It has become much cheaper for the upstart U.S. shale producers to extract oil out of the ground, sparking U.S. oil output to its highest levels since the 1970s.

“Kloza believes there’s little to prevent Brent oil from reaching beyond the range of $80 a barrel. He suspected crude will trail behind Brent prices due to lower prices in the actual shale oil fields,” according to CNBC.

The expanding global economy has increased demand for commodities and drawn down oil inventories.

Kloza notes there’s a 50-50 chance that gas prices reach $3 per gallon on an average basis across the U.S. this summer, which could put pressure on the White House to react. Investors have pulled $434.49 million from USO this year.

For more information on the oil market, visit our energy category.