Crude Oil at $144 a Barrel?

Given that oil hit a new high of $130 a barrel this morning, I’ve put a new top on one of my posts of last week.

One of the more interesting predictions emanating from the United Astrology Conference in Denver came from financial astrologer Ray Merriman. Considered by many to be the “dean” of financial astrology, Merriman thinks oil is headed for $144 a barrel, give or take $8, most likely by the end of this month. He thinks the Jupiter sextile Uranus aspect of May 21 could produce the new eye-popping high.

However, he expects prices to decline $30 to $40 by the fall. The reason isn’t likely to be consumer restraint during the summer driving season. Merriman says oil prices are heavily influenced by conflict in the Middle East, and “when it’s 120 degrees outside, guys don’t like to fight.” The war will continue during the summer but not at the same level of intensity, he says. And that should help bring oil prices back down some (emphasis on the word “some”).