QUOTE (AvidFan @ Jun 8 2008, 02:50 PM)

Apparently, oil only stopped rising because it had reached the up-tick limit for the day.
Not so. The lock limit is triggered when the price exceeds a rise or fall of $10 on the day. Trading is then halted for five minutes and resumed with a new $10 limit. The lock limit was triggered well before the end of trading and when trading resumed prices carried on rising. Prices drifted back somewhat of their own accord towards the end of the day.
A large part of the Thurs/Fri oil price rise was considered to be caused by a short covering rally, dollar weakness due to US unemployment figures and hawkish comments by an Israeli cabinet minister. In which case expect prices to drift back down over the next week or two as at least two of those influences wear off.