Please note these first 2 charts (which is the same instrument, just over 2 different time frames) has a 1 day lag, hence reflex yesterday's close.  Today oil is trading well into the $84s after touching $85.10.  We see crude oil has broken out to 18 months highs, clearing a double top formed (Jan 10/Mar 10)

Long term chart

Short term chart

Strangely, the energy stocks have lagged - yesterday there was some pop in the drillers (which is nonsense - knee jerk reaction) based on a long term plan by Obama for offshore drilling.  Not sure why this is; it's as if the energy stocks don't believe the action in the underlying commodity.

In theory higher oil prices should begin to be a tax on almost every other company as input costs will rise; as well as on the consumer (for obvious reasons).  But all news is good news... let the party continue.