Oil spikes $25 a barrel on anxiety over US bailout

NEW YORK – Oil prices spiked more than $25 a barrel Monday

The November contract, scheduled to become the front-month contract at the end of Monday’s session, was trading at $108.80, up $6.05.

Crude has gained about $40 in a dramatic four-day rally that has at least temporarily halted oil’s steep two-month slide below $100. At this rate, crude is within striking distance of its all-time record of $147.27, reached in July.