Mike Hudack is a tumblelog.

Traders said the Fed seemed to be rowing back from rate rises. The effect was to propel oil to $138 a barrel, confirming its role as a sort of ‘anti-dollar’ and as a market reproach to Washington’s easy-money policies.

Barclays warns of a financial storm as Federal Reserve’s credibility crumbles - Telegraph

This is the real story.  Oil is the “anti-dollar” — it rises as the dollar falls.  All of this talk of speculation is bullshit.  There are two factors at work here: we’ve quite possibly hit peak oil (exploration and exploitation is as much as 4x more expensive now than it was just a few short years ago) and oil is taded in dollars.