60-dollar oil could hurt Asia's confidence: economists
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As oil prices keep setting new record highs, there are growing concerns that Asia's energy-hungry economies can no longer continue absorbing the impact with crude creeping toward 60 dollars a barrel.
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China and other Asian economies should brace themselves for possible severe trade friction with the United States due to large American trade deficits, a top US economist says.
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Saudi Arabian Oil Minister Ali El-Naimi has said that the $10-15 &quot;fear premium&quot; that has been present in oil prices will disappear as the problems of &quot;supply&quot; and &quot;geographic tension&quot; diminish.
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SEOUL - Finance and Economy Minister Lee Hun-jai on Monday blamed South Korea&#39;s present economic lethargy on &quot;unsubstantiated uncertainty&quot; about the future, which in turn leads to weakening the confidence of market players.
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WASHINGTON -- Oil prices settled above $60 a barrel yesterday on expectations that OPEC would soon cut its output, though a representative of Saudi Arabia denied there was a deal to reduce production.
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Chinese President Hu Jintao said Sunday economic growth could exceed nine percent this year and foreign direct investment could top $60 billion.
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Soaring oil prices may again hijack  Friday's gathering of finance chiefs from the world's top  economic powers, though a U.S. drive to pressure  China over  currency policy was gathering steam on Thursday.
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Asia has seen its key markets slide in response to the likelihood of a relentlessly weakening dollar.
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SANTIAGO: A &quot;terror-premium&quot; on oil prices and rising interest rates appear set to brake Asia Pacific economies after a roaring performance in 2004, the Asia-Pacific Economic Cooperation forum said in a forecast.
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Oil steadied near $60 on Monday after   briefly sliding to a six-month low on abundant supplies in top   consumer the United States and fears that slower U.S. economic   growth would stunt demand for fuel.
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The sharp rise in oil prices which recently creeps towards $60 per barrel has put many energy industries and those reliant on energy on the edge for fear of the adverse affects of escalating prices.
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Crude oil prices hovered close to their all-time high of US$53.80 in Asia on Tuesday, fueled by continuing worries over supply in Nigeria and reduced output in the hurricane-hobbled Gulf of Mexico.
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Saudi Arabia and some other OPEC member states believe the group should cut oil output again to balance markets but others may be reluctant with crude prices firmly above $60, a senior OPEC delegate said on Saturday.
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As the dollar has slumped this fall, many investors have started to worry that people in Asia who own U.S. stock will be tempted to pare their holdings.
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Oil prices marched toward &#36;50 a barrel on Friday, weighing on Asian stock markets as investors fretted over the impact of high energy costs on corporate profits, consumer spending and economic growth in general.
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Oil prices rose for a second day on   Friday after a brief mid-week dip below $60 a barrel, as   investors bet a six-week slump driven by rising U.S.   inventories and easing Iran tensions could be coming to an end.
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Oil prices rose for a second day on   Friday, after a brief mid-week dip below $60 a barrel, as   investors bet that a six-week slump driven by rising U.S.   inventories and easing Iran tensions could be coming to an end.