So now the experts are unwilling to hazard a guess as to when this madness will end. How reassuring!

Financial tip: Want to hit it big in the near future? Buy into tent or bicycle manufacturing. People are going to need cheap homes and transportation!

Oil hits $135 a barrel on new supply concerns

Oil prices rose above $135 a barrel for the first time Thursday, with supply worries, global demand and an ever weakening U.S dollar driving crude futures up.

The world’s top energy watchdog is preparing a sharp downward revision of its oil’supply forecast, according to a report in The Wall Street Journal. [...]

With gas and oil prices setting new records nearly every day, analysts have begun to wonder what might stop prices from rising. There are technical signals in the futures market, including price differences between near-term and longer-term contracts, that crude may soon fall. But with demand for oil growing in the developing world, and little end in sight to supply problems in producing countries such as Nigeria, few analysts are willing to call an end to crude’s rally.

(emphasis mine)