Oil takes off again

Guess there were too many bears out there talking up $90-a-barrel crude. That and a bunch of other factors - worries about Georgia and Poland, new forecasts of stepped-up in demand in China, a Tropical Storm in Florida that won't go away - all provided an excuse for buyers to get back into action. Oil finished the day above $121 a barrel, which is about 10 bucks higher than the most recent low. But never mind all that - what does it mean for me? It’s probably an end to those sharply lower gas prices. For a while. Maybe. From David Gaffen at MarketBeat:

In part, those expecting further declines in the price of oil have been caught as the market turned. “You had too many bears down around $110 thinking oil was going back to $100 a barrel, and that caught a lot of people on the wrong side of the oil market. Now we’re bouncing out of there pretty aggressively,” says Tom Bentz, director and senior energy analyst at BNP Paribas Commodity Futures. Mr. McGillian says this rally will have to push through around $124 or so before he believes the uptrend has been temporarily re-established, because the economic outlook currently favors lower prices.