Oil Tops $86 Per Barrel - New Intraday Record

''$86 is a historically high level... Many people are looking at this level for the first time so it's very difficult to say what will happen next,'' said Tetsu Emori, commodity markets fund manager at ASTMAX Futures Co. in Tokyo. ''All the factors in the market are bullish, there are no bearish factors except maybe that the market looks like it's been overbought, technically.''

Despite the gains, oil is still below inflation-adjusted highs hit in early 1980. Depending on the adjustment, a $38 barrel of oil in 1980 would be worth $96 to $101 or more today.