Oil rises close to $92, near 2-year high

January 3, 2011 07:53

SINGAPORE — Oil prices rose to near $92 a barrel Monday in Asia as traders mulled how high crude can go before it sparks inflation that slows demand and the global economic recovery.

Benchmark oil for February delivery rose 30 cents to $91.68 a barrel midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.54 to settle at $91.38 on Friday.Oil traded in the $70 for most of last year before jumped to a two-year high above $92 in December on signs of strong crude demand in emerging economies such as China. Oil averaged $79.72 a barrel in 2010.

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