My opinion: Oil is unstable at this high level, corrects to $94

Obama is trying to talk down the price of oil by hinting on reserves.

North Dakota latest find of 10X extra reserves.

Gadaffi last few days in power. Revolutionaries are winning as more and more Libyan armies defect.

Demand continues to be strong though, but consumers want lower oil price.

However, oil might also stabilize at this level due to the strong demand… It is really tough to say. With the strong US economy, oil was actually supposed to rise in tandem with equity markets, but Libya stole the lime light and suddenly made the correlation of oil to the equity market negative.