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NYMEX Crude Oil at Intra-day Record of $139.95

The price of a barrel of crude oil touched an intra-day record of $139.95 and looks to be breaking out of a narrow trading range to new all time highs. Quickly forgotten is yesterday’s unexpected inventory build that brought a temporary reprieve from the upswing. Unfortunately, oil will simply continue to trade on the self fulfilling prophecies and price targets from the likes of oil tycoon Boone Pickens, industry analysts like that of Morgan Stanley’s Ole Slorer who called for $150 by July 4 and now currently the most hated cartel on the planet – OPEC. Today, its president Chakib Khelil said he believes oil prices could rise to between $150 and $170 a barrel this summer. Rumors of potential production cuts and a lower dollar haven’t helped either. So much for lower prices.

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It's that time of year again. CNBC's Million Dollar Portfolio Challenge will be getting underway on Monday, May 12. The tournament is similar in fashion to last year; each contestant receives 1 million CNBC Bucks and can trade stocks with a minimum market cap of $500 million. In addition to 10 pretty cool weekly prizes, there is a grand prize of $500,000 to the lucky contestant who finishes with the highest portfolio return. The only twist to the tournament is that currency trading is now allowed.

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