Where's oil heading?

To start the year, the oil prices turned south thanks to profit taking and weaker than expected employment reports.

However, some new events have turned the market around:
First, there was a fire on Jan. 6 at an oil sands upgrader, which forced Canadian Natural Resources Ltd. to shut production at its 110,000 barrels per day Horizon oil sands project.

Then, the Trans Alaska Pipeline, had to shut down on Saturday Jan. 8, after a leak was discovered at Prudhoe Bay.

Last but not least, several OPEC members are increasingly talking about how the Cartel would not act unless crude crosses $110 a barrel. This new tightened supply picture, couple with OPEC talks will most likely turn crude oil to move on its own momentum. So likely higher.