From Trader's Narrative

Oil is getting silly. It is has exploded upwards to an all-time high in the most durable of currencies, gold.

The thesis behind oil is that even though the West is slowing, demand from emerging markets will continue to grow. 

However, if you believe that equities are a leading indicator of economic activity (and Ned Davis estimates that stocks are an accurate predictor of future economic activity 80% of the time), emerging market stocks are rolling over, possibly presaging an economic slowdown.  I have a hard time believing that if the American consumer is in trouble that the economies which are structured to supply the American consumer will not be effected.

Also note that oil has doubled over the past year (and up ~1300% over the past 10).  It is debatable whether or not the activity over the past year - which includes the collapse of the US housing market and various other housing markets around the world, and the contraction in credit - warrants one of the fastest increases in oil ever.