(Reuters) - Oil climbed above $92 on Monday to its highest since October 2008, spurred on by expectations economic recovery will boost energy demand and as market bulls set their sights on $100 a barrel.

U.S. crude was 86 cents higher at $92.24 a barrel by 1438 GMT, off a session high of $92.39.

It settled at $91.38 on Friday, marking an annual gain of around 15 percent and the highest year-end price since 2007, when the market was ascending to the all-time high of nearly $150 a barrel touched in July 2008.

Brent was up $1.04 a barrel at $95.79, off an intraday peak of $96.07.

Trade was thinned by a public holiday in the United Kingdom but could take direction later on Monday from a survey by the Institute for Supply Management (ISM) -- a measure of U.S. national factory activity.

The data was expected to show a slight expansion in the manufacturing sector, reinforcing the view the economy in the world's largest oil consumer is strengthening, which could drive up energy demand.

"Traders will be looking at the string of U.S. economic numbers coming out this week to see if they can sustain the strong price moves in December. Overall, we expect the market to be well bid. How bid? Well, it depends on the data," said Geoff Howie, markets strategist at MF Global in Singapore.

Data for Asia and Europe showed factory growth eased slightly in Asia in December, while export orders picked up in Europe.

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