There was no fundamental reason for an oil price hike. It was up only because of the perceived Middle East crisis. Once that subsides, oil prices would level off. Basically, you have so much money being pumped into the dow. There is this incredible pent up inflation in the form of equity prices. Once they perceive an oil crisis. Investors will dump their stock shares and go out and buy oil.
Once the fear subsides, the price of oil will fall, and the money that was used to boost oil prices will return back to equities. This isnt to say oil prices wont break 140. Oh they will, but it will most likely come later than come now.
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