"When stocks, dollar go under pressure, they jump into oil and they don't care who it hurts."

[DainBramaged]

Oil prices jumped more than $25 a barrel Monday in biggest dollar jump ever as the dollar was punished by the government's $700 billion Wall Street bailout plan and big investors scrambled to fill obligations as the October contract expired.

Oil surged in afternoon trading, reaching as high as $130.00 - a $25 gain - but dropped back down to settle at $120.92 a barrel up $16.37 from Friday's close.

The rally reached a fevered pitch as the session neared its close, partly due to the fact that Monday is the last day of trading in the October oil futures contract, which typically results in volatile trading.

"A lot of the bullish factors that had been in this market that had been ignored are now coming home to roost," said Peter Beutel, oil analyst at Cameron Hanover.

Oil prices had been rallying throughout the day, but the late-day spike was due to investors covering their short positions as the October contract expired according to Ray Carbone, a broker and trader at Paramount Options.

"It goes to show that we need to have our arms around the speculation," said Beutel. The investors who pushed up the price of oil Monday were the same "people who pushed us from $79 to over $147."

http://money.cnn.com/2008/09/22/markets/oil/index.htm?postversion=2008092215

[rockymountaindem]

1. Fortunately it's only up 15 no

But I guess all this, *gasp*, debate about the bail out package has got the usual suspects all nervous that they're not going to get yet another free ride.

[DainBramaged]

2. But the rest of the article is mind numbing.

[Ichingcarpenter]

3. Gold went up $32 in one day too...... always follow both of these

the whole thing sucks.

[AndyA]

4. And what has Congress done about the speculators?

Congress is spending our money like it's a Roman Holiday, and they won't even take steps to protect us from the speculation that is largely responsible for our lousy economy today.