"The markets are still capable of taking out the $100 mark imminently," said Edward Meir, an analyst at MF Global, in a research note.

"Although there are signs that higher energy prices are starting to crimp demand, we are perhaps only on the fringes of such a pullback," Meir said. "Therefore, demand variables at this stage are not yet ready to derail the market from pushing higher, partially illustrated by yesterday's impressive comeback."