A weakened dollar and evidence that OPEC has significantly slowed production sent oil prices soaring to new highs for the year Thursday.
"I think we'll see higher oil prices for a while," said Michael Lynch, president of Strategic Energy & Economic Research.
"There's an expectation that the market has bottomed out."
Analysts rushed to buy crude after the Federal Reserve announced late Wednesday it would buy long-term government bonds, a measure that's expected to jolt the U.S. economy with lower rates on mortgages and other consumer debt.
Cameron Hanover analyst Peter Beutel said a new high at closing Thursday, along with OPEC production cuts, the federal stimulus package and other bullish factors "are working together to be more important at this moment than the recession and its impact on demand."
"It means things are better than they've been in a while," Beutel said.
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