WTI crude is up more than $2, touching $91.92.
The high virtually matches the 50% retracement of the May-June decline ($91.85). It also looks like a blow-out short squeeze amidst 5 days of gains.
Oil has disconnected from signs on global growth and is trading purely on QE3 expectations. I have been targeting this level for some time (and here).
A further move to $95.29 and the 100-day moving average is possible but beyond that is unlikely. To me, it looks as though commodities and commodity FX will top out within a week.
