Oil Prices Spike After Analyst Predicts $150

Washington, DC, June 6, 2008--Oil prices have been on a rollercoaster over the last few days.

After slumping below $125, oil today is trading above $137 per barrel on an analyst prediction that prices could hit $150 by July 4.

Prices jumped over $6 Friday shortly after Ole Slorer of Morgan Stanley released a report saying he expected a "short-term spike in oil prices," on the back of rising demand in Asia, Dow Jones Newswires reported.

By the afternoon in Europe, light, sweet crude for July delivery was up $6.43 to $134.22 in electronic trading on the New York Mercantile Exchange.