Oil prices start the new year at a 26-month high

NEW YORK (AP) — Oil prices rose past $92 a barrel on Monday to a 26-month high, as the new year began with the prospect of still higher energy prices to come.

Benchmark oil for February delivery rose as high as $92.66 a barrel, $1.20 above Friday's settlement price, in trading on the New York Mercantile Exchange. It gave up most of those gains to settle 17 cents higher at $91.55 on Monday. The last time oil settled above $92 a barrel was on Oct. 3, 2008, when it reached $93.88.

Oil has been gaining ground on speculation that the global economy will continue to grow in 2011. Many analysts expect the price for oil to reach at least $100 a barrel this year, which will mean higher …