Oil set a new record after a bevy of high predictions and negative news spurned an already sensitive market.
The latest rise seems to have been driven by a report from Morgan Stanley predicting that oil could reach $150 by July 4, up from the $138.05 level it traded at on Friday afternoon, a rise of $10.26, or 8.0%, from Thursday, and a two-day gain of $11.59. In mid-May crude prices spiked partly because after billionaire oilman T. Boone Pickens said he expected one barrel to cost $150 by the end of the year. (See: "Boone's Boom") Earlier that month oil rallied after the venerable Goldman Sachs predicted that crude prices could reach $200 in the next two years. (See: "Solar Sector Sucked Into Oil's Wake") |
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