Oil hits new high in Asia

At 10:00 am (0200 GMT) New York's main futures contract, light sweet crude for December delivery, traded at 92.69 US dollars a barrel, up 83 cents from its all-time closing high of 91.86 dollars Friday.

The contract's previous intra-day trading high of 92.22 dollars was set on Friday.

Brent North Sea crude for December delivery also surged to a new trading high, rising 78 cents to 89.47 dollars. It's previous high was 89.30 dollars set on Friday.

"What we see is a continuation of the trend that was in place Friday," said David Moore, a commodity stretegist with the Commonwealth Bank of Australia in Sydney.