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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Governments around the region are warning that rising oil prices have started to hurt their economies.
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The world economy will face higher prices than in the past decade as more oil comes from &quot;politically unstable&quot; countries, such as Saudi Arabia and Russia, and production costs rise, the International Energy Agency warned on Tuesday.
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Limited spare capacity means that the ability of oil producers to meet the sharpest rise in demand since the 1970s is likely to be severely tested, according to experts attending an OPEC-sponsored seminar in Vienna.
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High oil prices pose a risk to the  global economy, but the economic outlook for 2005 is still  favorable, the Group of Seven nations said in a statement  following their meeting on Friday.
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Why oil won't fall below $60 again.
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The housing crisis and high oil prices may cause a slump, analysts warn.
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A new report says developing Asian economies are expected to enjoy stronger growth despite high oil prices. However, the report warns, a slowdown in China could hurt its neighbors.
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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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The US trade deficit rises to $60bn in May, fuelled by increased demand for foreign oil and cheap Chinese goods.
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Deputy Prime Minister and Finance-Economy Minister Lee Hun-jai said Monday the nation&#39;s current economic lethargy is due to ``unsubstantiated uncertainty&#39;&#39; about the future, which in turn weakens the confidence of market players.
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Oil rose towards $60 a barrel on Friday, drawing strength from a disruption to supply in Nigeria and as a fall in the U.S. dollar boosted other commodities.
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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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SINGAPORE: Asian oil traders fear China Aviationâs $550 million trading loss will stunt derivatives trade and force a credit clampdown, particularly for Chinese firms feeding their energy-hungry economy.
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Oil producing â-pec and non-Opec â -ntries are concerned about the recent heavy fall in the value of dollar, in which international crude oil sales are priced.
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Oil prices marched toward $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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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.