Oil prices rallied today, extending last week’s price gains as potential OPEC+ production cuts were front and center. “Oil prices are inching higher on hopes of a production cut from OPEC and its allies to restore market balance in response to the revival of Iran’s nuclear deal,” said Sugandha Sachdeva, vice president of commodity research at Religare Broking. Unrest in Libya is also sparking concern that the country could fall into total chaos which would disrupt oil supplies from the OPEC nation. Prices were limited however by a strong US dollar, which hit fresh 20-year highs today against a basket of currencies. WTI traded up $3.95 or 4.2% to close at $97.01. Brent traded up $4.10 or 4.1% to close at $105.09.