Oil prices shoot up to $138 a barrel, a gain of $11 in a single day, making it the biggest gains ever. This speculative rise is supposedly due to a 1% drop in value of the dollar, Israel’s transportation minister, Shaul Mofaz, stating an attack on Iran’s nuclear sites looked “unavoidable.”, and Wall Street forecasting that oil will hit $150 a barrel next month due to rising demand in Asia.
Looks more like speculators looking for any reason to keep bumping up the price of oil. I wonder at what price world economies will start crumbling!?