FX.co ★ Oil Prices Spike Amid Reports Of Oil Supply Reeducations

Crude oil prices moved sharply higher during trading on Monday, with the price of crude oil for October delivery surging $3.95 to $97.01 a barrel.

The spike by the price of crude oil came amid indications OPEC and their allies plan to decrease production assuming a deal with Iran that lifts sanctions.

While the price of crude oil has come well off its recent highs, energy prices have been blamed in part for the decades-high inflation.

Oil producing nations seem intent on keeping the price of crude oil at currently elevated levels.