Oil traded on Globex moved to $75.15 overnight Tuesday. Part of the reason is that OPEC said it expected demand to rise next year -- up by 200,000 barrels a day.
More and more analysts are predicting crude will hit $85 before the end of the year. Their arguments are compelling. Demand is likely to rise as the recession ends in the U.S., Japan, and the E.U., which are the traditional leaders in crude use. But the BRIC nations (Brazil, Russia, India and China) are now driving crude prices as their economies grow and their needs for transportation and infrastructure expansion increases.