Seems like five things are impacting the oil price in the past 48 hours....
1) Too many people are hedging oil
2) Nigeria threatened to strike
3) Asia is taking an unprecedented share
4) The dollar fell against the euro (1% in the past week)
5) Morgan Stanley Outlook Said a Barrel will be $150 by July 4th (less than 30 days)
SourceOil prices blow past $134 on prediction that oil will hit $150 per barrel by July 4
Oil is trading above $134 per barrel on an analyst prediction that prices could hit $150 by July 4.
Prices jumped $6.43 Friday shortly after Ole Slorer of Morgan Stanley released a report saying he expected a "short-term spike in oil prices," on the back of rising demand in Asia, Dow Jones Newswires reported.
By the afternoon in Europe, light, sweet crude for July delivery was up $6.43 to $134.22 in electronic trading on the New York Mercantile Exchange.
On Thursday, the contract rose $5.49 -- its biggest single-day price increase in Nymex history -- to settle at $127.79 a barrel. Larger one-day percentage jumps have taken place in the past.