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April 21, 2008

Oil Hits New Record: $100 or $125 Next?

Is there anyone out there who's not long oil and short the dollar? With that in mind, OHAR (oil hit another record) today, this time touching $117.76, largely on the back of all the fondness for the stuff among traders.

So, what's next: $100 or $125? I have no objection to the idea that we are on a sawtooth higher as oil heads toward its inevitable peak, but I have a hard time believing that there isn't a major price break or between now and then.

Thoughts? Musings? Nihilistic proclamations? Share them if you've got them.

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