Light sweet crude oil May contract surged above $113. Near term oil will hit $120 a barrel and long-term $200 a barrel. Strong demand for oil coming from China (emerging markets), oil supply disruptions in Libya and the steady sinking value of the American dollar are the latest culprits for the recent up move. Oil peaked at $147 a barrel in the summer of 2008 prior to the Lehman collapse. What price per barrel is the demand destruction for oil?