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Oil prices Monday passed their all time, inflation-adjusted record, just kissing the underside of $104 dollars.

[click here for updated chart]

As the chart above shows, crude prices have broken out from a 6 month consolidation $85 and $95. The commodity looks like it has legs.

While I do not make a habit of forecasting commodity prices, $110, and then $125 are our next two targets.

I got your core inflation right here...

Source: Oil = All Time (Inflation Adjusted!) High