Why so high? Oil markets riding new currents.

A barrel of oil tops $70 – but some analysts say prices may be near a peak.

NEW YORK

But before investors pour the family fortune into the black goo, analysts are urging caution. Oil is a commodity whose price ultimately depends on supply and demand, they warn. Viewed from that perspective, oil prices already may be near their top – at least for now.

“I think we’re due for a pause here,” says Mark Routt, of Energy Security Analysis Inc. in Wakefield, Mass. “All the bad news you can think of is in the market, and here we are.”

Christian Science Monitor