Oil Price Scaled At $130/Barrel

What could you expect from the trend in the global oil market? Everybody is expecting nothing aside from the continued increasing oil prices, despite effort to minimize its price. But those efforts seemed to be useless, as the oil price has surged to its peak.

The U.S. House of Representatives approved legislation on Tuesday allowing the Justice Department to sue OPEC members for limiting oil supplies, but the White House threatened to veto the measure because it could spur "retaliatory action against American interests in those countries".

Energy analysts say an OPEC decision to raise output could help ease the price rally, which they say has been fueled largely by resilient world energy demand even as the United States economy slows.

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