Oil Momentum pushes prices over $110

The idea seems that the run up in oil will continue until the March future contract expires.
"Oil prices actually fell after the Energy Department’s Energy Information Administration said crude supplies jumped by 6.2 million barrels last week, more than three times the 1.6 million barrel forecast of analysts surveyed by Dow Jones Newswires. But buyers quickly returned to the market."

Commodity prices and the Fed(good article by Econbrowser)