Oil Surges to 5-Week High

Despite the IEA's forecasts of weaker oil demand, the WTI soared past the $90 mark for the first time in more than a month on Tuesday. Crude gained $2.02 to settle at $90.21 a barrel on the New York Mercantile Exchange. The intraday range for light, sweet crude was $87.81 to $90.52 a barrel.

The Paris-based International Energy Agency cut its global oil demand by 200,000 barrels a day for 2011 and by 400,000 barrels a day for 2012. 

Yup.