Looks like a rough start to the week. From Reuters, via CNNMoney:
Oil prices raced to all-time peaks Monday, hitting a new record over $58 a barrel as OPEC said it had begun discussing a second output rise to try to quell the market's rally.
U.S. light crude for May delivery, New York's active contract, rose 88 cents to an active contract record $58.15 a barrel. That surpassed Friday's high of $57.70, which was triggered by a forecast prices could spike above $100 because of robust global demand and tight spare capacity.
The September contract became the first ever to cross the $60-a-barrel threshold, hitting a high of $60.03 a barrel...
U.S. oil prices have surged more than 30 percent this year, with big-money speculative funds buying heavily on signs that robust demand growth in Asia's emerging economies and the United States would strain world supply.
Maybe that makes Friday's employment report easier to understand. Still, hope springs eternal.
"I would have thought prices would struggle to go much higher. The market fundamentals suggest lower prices," said Mark Pervan, an analyst with Daiwa Securities in Melbourne. "I think they will struggle to get over $60 in the next couple of weeks -- that is a big psychological barrier."...
Nigerian Presidential Adviser on Petroleum Edmund Daukoru said on Sunday the increase could happen within two weeks if prices stayed above $55 for at least the next 10 to 14 days.
"They shrugged off the first one but it will be more difficult for them to shrug off the second one," Daukoru said, referring to the market reaction to OPEC's output rise.
UPDATE: The Big Picture also thinks the end is near. (For prices, not for us.)