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No. 3 - New Record For Oil

The price of oil is up 19% so far this year and is getting close to the record levels reached last Summer. Find out from Eric Bolling if this is the top.

Eric Bolling says hedge funds and all types of funds for that matter are buying oil futures. He sees them as a leading indicator.

Pete Najarian likes Chevron (CVX) and ConocoPhilips (COP). And he also likes the refiners.

Eric Bolling tells Pete that crack spreads "are getting smoked" and Eric recommends taking some profit in the refiners.

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Trader disclosure: On July 11th 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders. Macke Owns (EMC), (DIS), Najarian Owns (DNDN), (IMMR); Bolling Owns (ICE), (NMX), (DIS), (XOM), Gold, Silver, Copper, Corn; CNBC Is A Service Of NBC Universal And Dow Jones; NBC Universal Is The Parent Company Of CNBC