The price for a barrel of Crude for October delivery rose $16.37, or 15.7%, to close at $120.92 by the end of today's trading in New York. Why? There doesn't actually appear to be any one particular reason, with speculation of an improving economy due to the Bush administration's hopeful ability to revitalize the struggling financial sector and overall economy taking top honors. This spike represents the largest ever pricing increase for oil in the history of trading. Most analysts seem to believe that this spike is a short-term event, though the situation bears watching over the next few days. Stay tuned.
[Source: MarketWatch]

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