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June 6, 2008

Friday Market Frenzy: Oil to Hit $150 on 4th of July?

I saw the first reports of this crazy day on Wall St. on CNN.com — that oil prices shot up today by more than $10 a barrel. Todays price: $138.54. Adding fuel to the flames, so to speak, was a report released by Morgan Stanley analyst Ole Slorer who is quoted by CNN as saying that he expected a “short-term spike in oil prices,” as high as $150 a barrel by July 4. The news site has this quote from oil industry analyst Stephen Schork, editor of the Schork Report, on today’s Wall St. trading: “It’s pure hysteria, absolute panic.” If that $150 a barrel figure is true, expect to see more fireworks than usual this Independence Day.