The oil market has stopped taking its cues from stocks and the dollar for the moment to focus on what's being said in Vienna ahead of Thursday's OPEC meeting.
It's no surprise that the usual suspects are out with bullish comments. Saudi Oil Minister Ali Al-Naimi and Venezuelan Oil Minister Rafael Ramirez said oil prices could hit $75 a barrel by the end of the year, OPEC Secretary General Abdullah Al-Badri said oil could be closer to $70 a barrel by then.
So oil starting marching toward that number today, posting a new 2009 high for the year. NYMEX crude futures, which have risen more than 40 percent this year, settled at $63.45/barrel, the highest price since November 5, 2008. As one floor trader told me, "If they keep saying it enough—'we're going to $75, we're going to $75'—maybe we'll get there."