Oil falls after a record surge on Friday

After climbing nearly $11 on Friday, light crude oil fell to $135 after recovering some of the loss and climbing to $137. No single reason seems to be for the surge in price on Friday, but speculation about Morgan Stanley's comment that oil could reach $150 as early as July 4th, may have had some thing to do with it.

There is a big debate about the reason for the high price of oil, with some analysts claiming short supplies and increasing demand for the rise. While others, like the OPEC ministers, claiming that there is amble supplies and the rise in price being the result of an increased speculative interest. OPEC President Chakib Khelil said on Monday that the price of oil would be close to around $70 a barrel if it weren't for weak dollar, political tension and speculation.

With the oil prices reaching close to $150, more and more analysts are expecting some sort of a correction to arrive later this year. Others on the other hand claim this to be a speculative driven bubble that could burst any time.