Oil Prices Continue To Rise

New York, NY, Jan. 3, 2011 -- Oil continued to rise above $92 a barrel on Monday, spurred by expectations that a global economic recovery is gathering strength, and some experts are predicting $97 oil prices relatively soon.

U.S. crude was trading at $92.15 a barrel by 6:08 a.m. ET, just off a session high of $92.20, its highest since October 2008.

Brent was up $1.20 a barrel at $95.95, off an intraday peak of $96.04, also the highest since early October 2008.

The Organization of the Petroleum Exporting Countries helped to stoke bullish sentiment by saying the market was still well supplied and that it would not implement any formal change in output unless it saw a convincing shift in the balance of supply and demand.