darn you gs do you have to be right so often! This is an extract...

darn you gs do you have to be right so often! This is an extract from Seeking Alpha of 5 Nov:

NYMEX crude oil began trading today (November 5) at almost $87 a barrel, the highest figure in over six months. The price has risen more than 5% in the last five sessions, rising in seven of the last 10 trading days. If we have a closing price in excess of $87 today, that will mark the first time in over two years.

Crude will face some resistance in the $86 to $88 range and then again at around $94. Once the market breaches these levels, it is well into triple-digit territory.

The current spike is largely a result of the dollars continuing decline against the euro, not changes in the supply/demand relationship in the market.