Price is the function of Supply and Demand. In financial markets, the job of market participants is to debate a story and discover a price of a tradeable asset. In last few years, commodities be it metals or crude have been on dream run, and it seems right now, it is in parabolic bull phase - a phase where maximum appreciation happens in shortest period of time. Generally, this is the phase where even non-believers throw in the towel and sudden demand burst leads to sharp price spikes before the reality kicks in. In overnight trade, crude oil prices closed at $123 per barrel.