Oil Prices Approach $92

NEW YORK ( TheStreet) -- Crude oil rose close to $92 Monday, rising 20 cents to $91.88, despite China's central bank raising interest rates over the weekend.

On Thursday, benchmark oil for February rose $1.03 to settle at $91.51, the highest level since October 2008. Oil markets were closed Friday for the Christmas holiday.

China's rate rise, a move to stop rising inflation, could weaken demand for crude.

Some OPEC ministers over the weekend said the group would likely not meet until June to discuss production quota policy, the Associated Press reports. OPEC left quotas unchanged at a meeting earlier this month.

-- Written by Joseph Woelfel

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