Brent crude oil is set to reach a new record low of $98.10 per barrel on Monday, the highest price on record. 

The benchmark contract is also set to close below $100 for the first time in almost three years. 

That means the price will remain near record lows for a few more months.

Brent crude oil, the most common oil in the United States, is priced at around $92 per barrel, according to the Energy Information Administration.

The U.S. dollar was trading near 107.50 US cents on Monday afternoon, up about 3 cents.

Oil markets were expected to remain closed Monday night and into Tuesday, as a number of key producers cut production, including Exxon Mobil Corp. Exxon Mobil Corporation is slashing its production by 730,000 barrels a day. 

While the oil price is still below $80 per barrel as of mid-morning Tuesday, analysts were predicting a recovery by mid-afternoon.

“It’s clear that oil prices are under pressure, with oil companies cutting production in a number, and that’s driven up the cost of crude oil and the cost to consumers.

I think that’s happening, but I think it’s going to take some time,” Brent crude futures, which are traded on the New York Mercantile Exchange, said in a statement.

“The price of Brent crude is at a record low and that is an indication of the severity of the situation.”

Exxon said in the statement that it would cut its output by 860,000 bpd from the current level of about 790,000.

The company said it would also seek to reduce its refinery capacity by 20 percent, as it sought to reduce the number of barrels it has to process each day.

“This is a difficult time for all of us, and we will continue to focus on our mission of cutting CO2 emissions and keeping our communities and the planet safe,” Exxon Mobil Chief Executive Rex Tillerson said in his statement.

The oil price rally has been fueled by increased demand from China, the world’s second-largest consumer of crude.

China accounted for about 20 percent of U.N. supplies in 2015, up from about 10 percent a decade ago, according the International Energy Agency.

The price rally began at the end of March when Brent crude rose nearly 30 percent.

Since then, the price has rallied nearly 400 percent, from a low of just under $100 in December.

The rebound in oil prices comes as oil producers have been ramping up production in an effort to offset a slowdown in demand for gasoline and other petroleum products, which have been pushed higher by the global recession.

U.S.-based companies have also been adding jobs in recent months. 

Exxon Mobil said in January that it added 9,000 full-time jobs.

The oil and gas giant said it had a total of 8,000 people working in the energy and mining industries.