Prior to today, oil had been trading in a pretty tight range between the low $90s and low $100s since the middle of last November. As shown below, oil broke out of that range today as it surged past $105 to finish the day at $106.25.
Now that oil has made a short-term breakout, its next stop is its 2011 high of $113.93. If it takes out that level, traders will have their eyes set on the commodity's all-time closing high of $145.29 made back in mid-2008.
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