In the biggest single-afternoon price hike ever recorded, the value of crude oil for October delivery surged as much as $25.45 per barrel to $130, before receding to a more modest level of $122. Mounting pressure over the government’s proposed bailout plan knocked the dollar down, and oil up on Monday. Over the last four trading sessions, oil has rallied close to $40, reversing, at least for the time being, a two-month regression to below $100 a barrel. At the current rate, many people are worried that oil’s all-time record of $147.27 (recorded this past July) could be surpassed.
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