About oil speculators

Is the price of oil going back up ? It was $59.90 last night in London, actually down from previous highs earlier in the week and in September. The question however remains if there's a reason for prices to continue to hold, will they go higher and if they do is this attributable to actual shortages i.e. supply and demand or speculation by a small group (oil companies too) of greedy traders watching the weather channel? Open for discussion.