According to Yahoo!News:

VIENNA – Oil bounded over the $50 a barrel hurdle with room to spare Thursday, as traders took heart from rallies in global stock markets as an indication of overall investor optimism.

But the murky outlook for the global economy was likely to keep prices relatively volatile in the medium term, with crude’s rise and fall expected to follow the performance of global markets.

Benchmark crude for April delivery surged $3.26 to $51.40 a barrel by midday in Europe on the New York Mercantile Exchange, trading at levels last seen in December, when oil was falling from stellar prices near $150 a barrel.

Still, it was unclear whether oil demand from developed countries, which are still reeling from a financial crisis and severe recession, can justify sustained trading above $50 a barrel.

Read the full article at Yahoo!News:

- Yes, oil prices is going up again and this time round it may take a huge roller coaster ride to the peak

The prediction is still on the up trend base on the amount of money being printed by the Federal US Government through bail out after bail out of billions of US taxpayer’s money right into the pocket of rich “corporation” in those mega companies that deem “too big to fail“.