The price of oil has settled 37 cents after spiking to $93 a barrel

In geopolitical news, the price of oil has settled 37 cents after spiking to $93 a barrel Sunday on Venezuelan President Hugo Chavez’s threat to boycott oil sales to the U.S. in retaliation against legal moves made by Exxon Mobil (NYSE:XOM) to seize some of Venezuela’s assets. In addition, the price of crude has risen on word that oil exports from Nigeria, a major U.S. supplier, could decline due to the country’s deteriorating security. The price of oil, however, hasn’t skyrocketed on these major influences.