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With oil breaking out to new 2010 highs this week, we thought we'd show a chart of the commodity going back to 2007 to see how it looks from a longer-term perspective. As shown, the recent breakout has put oil at its highest level since late 2008 when the commodity was in free fall after reaching record highs earlier in the year.

Now that oil is above its multi-month sideways trading range, there isn't much resistance in the way until the psychological $100 level ($12 from here).

click to enlarge