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Price of NYMEX light crude. Source: ino.com. Why did oil breach $138? One key impetus certainly came from news about U.S. interest rates and the dollar. European Central Bank President Jean-Claude Trichet Thursday cautioned that the ECB may raise interest rates next month in order to contain inflation, while Friday's U.S. unemployment numbers may have put further U.S. rate cuts back on the table. The twin developments sent the dollar plunging 1.1% against the euro and the dollar price of many commodities soaring. Gold was up 2.6% and

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Thank you Barry L. Ritholtz at THE BIG PICTURE for putting today's 260+ decline in the DOW in perspective. This morning's data may have made things appear worse. Providing a glimmer of hope that the U-3 unemployment rate isn't as bad as it appears, an unexpected surge in teenagers and 20-25 year olds is responsible for a chunk of the unemployment jump. More from Barry: Also possible -- a seasonal adjustment that was expected in June failed to pick up more teens applying for jobs in May "The government cautioned that the scope of the increase in the unemployment rate in May could be a statistical distortion. Month-to-month changes from April ...