Oil futures prices spiked-up to a new 10-year high Monday despite OPEC’s plan to pump 800,000 more barrels a day to lower prices.
The price of crude oil surged to $35.85 a barrel during the day in New York Monday, the highest level since October 1990, before falling back to close at $35.14.
OPEC hoped its increase in production would lower prices to below $28 a barrel.
Market analysts believe the oil price volatility is the result of uncertainty about how much oil OPEC members actually produce.
The concern is heightened by worries about possible shortages of home heating oil, with is widely used in the Northeast U.S., this winter.