Another Record for Oil

If Murti is right about the spike, investors may soon find out just how much pain consumers will endure before succumbing to the economic pressure and adjusting the lifestyle that they have stubbornly protected for so long.

In the near term, West Texas crude is trading in $10 "buckets," says Schork. Oil blew through the $110 to $120 a barrel bucket in little more than a week, but with only two consecutive closings above $120 a barrel to its name, it still has more to prove before $120 can confidently be recorded as the new bottom of its trading range.

If it succeeds in doing so, the next level of resistance for WTI will likely be $130 a barrel, Schork says. If not, oil will likely retrace its latest advance and trade sideways in the $110 to $120 bucket.

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