Oil spiked when Libya oil production was cut from 1.6 barrels/day to 0.5 barrels/day. Japan oil consumption is 4.3 barrels/day. After the earthquake and tsunami, oil consumption will be down significantly at least for the next few weeks. Situation in Saudi Arabia is contained for now. Also, too many speculative long contracts. Oil price is not justified at over $100 at this time.
The realities of this can and often do change every few hours. There are many cross currents to drive crude higher or lower. There are definitely mixed takes even among the "experts".