Oil prices jumped to all-time high, and other energy futures also accompanied suit on Monday, on the back of anticipations that the Fed Reserve will slash the benchmark federal funds rate.

The rate cut will back up the stock markets and guarantee demand for oil and gasoline in the upcoming days.

For next month delivery, light, sweet, crude ascended $1.47 to $80.57 per barrel on the NYMEX. It also touched a peak of $80.70 on Monday (September 17).

The gasoline price for October rose 0.78 cents to $2.0442 per gallon on the NYMEX, while heating oil futures climbed 2.09 cents to $2.2287 per gallon.

October natural gas also zoomed 37.4 cents to $6.653 per 1,000 cubic feet.

Retail gas rates dropped 0.6 cents at the pump, overnight to a national average price of $2.788 a gallon.