The price formation on the CL looks like a symmetrical pattern on the weekly chart. You can look at some of the clues in this article to guide you in evaluating targets or if the breakout is valid.
Symmetrical Triangle (Continuation) - ChartSchool - StockCharts.com



P.S. Technical analysis is dynamic and ongoing assessment is required

Here is the prospectus for USO

https://www.unitedstatesoilfund.com/documents/pdfs/uso-prospectus-20130515.pdf

Mike

usually gas prices rise in the summer time?

Oil has had a nice run but if you look carefully much of the latest rally in WTI has been to close the gap with Brent.

Profiler 

furthermore, I cant believe this product is allowed to exist.

Futures ETF are difficult to structure I I agree with you that they should not allow them.

Mike

Crude Oil (petroleum) - Monthly Price - Commodity Prices - Price Charts, Data, and News - IndexMundi

I don't know if this is of any importance in determining future prices, and I know this is a crude chart of crude oil (no pun intended), but It looks like oil rose 6 summers and fell 3 summers counting back ten years. Price was pretty much range bound in the summer of 2003 so I didn't count it.

@Big Mike, would love to hear updates on this. No need to disclose location or even if you are in a trade, but at some point in the future you should come back and talk about it, because at 6-12 months it's a long time frame trade and I'd love to hear how you work that trade.

This

Quoting 

Destin Pipeline declared a force majeure on its US Gulf of Mexico natural gas pipeline system Sunday due to "high levels of liquid in Destin's offshore segment." The operator said the process of removing these liquids from Destin's slug catcher would take up to seven days, after which the force majeure would be lifted and deliveries to the Pascagoula processing plant in Mississippi would resume.

affects this

Quoting 

BP's 250,000 bpd Thunder Horse Gulf of Mexico oil platform has been shut by Destin Gas pipeline work. The Thunder Horse platform is the largest offshore production platform in the Gulf of Mexico.

So this major oil well, and maybe others, will be shut down this week which should lead to lower oil inventories on the reports next week Tues & Wed.

If I am correct oil will drop this week and then rise midweek next week.

Of course, other factors may come into play.