I don't think the new damand for oil is keeping up with the production increase. We can already see huge inventory build ups, which will ultimately be bearish for oil. The market is driven by huge amounts of speculators though, so you never know. For americans , it also makes perfect sense to get more marketshare and crush opec by becoming the worlds largest producer as long as prices stay on a high level. When the price starts to drop hard, investors will take the money earned and run for the hills.
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This kind of a bust is bound to make make many companies go bankrupt. It's already happening. At some point inventories will be emptied and there won't be enough producers left. This should drive the oil prices high.