Soaring oil &#39;hits world economy&#39;
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The soaring cost of oil has hit global economic growth, although world&#39;s major economies should weather the storm of price rises, according to the OECD.
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World oil prices are continuing to scale record heights, rising on concerns over disruptions to supply from strike-hit producers Nigeria and Norway.
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Business & money: Violent storms in the North Sea helped push global oil prices to new highs of just under $100 per barrel.
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The world&#39;s largest miner, BHP Billiton, yesterday said that high oil prices were affecting spending worldwide but China&#39;s demand for commodities over the longer term was heartening.
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Oil prices jumped nearly 4 percent  Thursday after the International Energy Agency warned that  greater-than-expected demand and disappointing world production  growth could strain world supplies.
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Driven by an unprecedented surge in demand, oil prices crossed a long-awaited symbolic milestone.
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LONDON : World oil prices bolted up to new record summits beyond 52 dollars on markets nervous about tight global supplies with winter looming in the northern hemisphere.
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Local analysts said the jump in world oil prices, if sustained, could push up petrol prices another 42c/l in coming months, boosting inflation and slowing down spending in the economy.
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The absolute price of oil has reached a new high. The growth     of the economies in China, India and the rest of Asia are increasing the demand     for oil. There are production problems in Venezuela (strikes and sabotage), Norway (strikes), Nigeria (civil war), Iraq (sabotage) and Russia (internal politics). Hurricane Ivan and other hurricanes this year disrupted     production in the Gulf of Mexico and transportation of oil in the Atlantic.     In the next decade Eastern Europe will also require more oil to feed its growing economies. The price of crude oil has led to     prices of above $55 a barrel and lifted heating oil to a record and     natural gas to a 20-month high. Though prices may eventually fall a bit, they are likely to remain higher than we were once     accustomed.    However, all is not gloom and doom.
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WASHINGTON: Global finance chiefs may admit this week that soaring oil prices are a cloud on a generally sunny world economic horizon but they will likely dismiss any chance they could drown growth.
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Oil prices approach record highs as the weak dollar and more worries about supply inflate prices.
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Oil prices jump to $94 on fresh hopes that the global economy could remain robust after a joint central bank plan.
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Oil prices hit record highs on  Thursday, fueling gains in some energy stocks, but fears that  high power costs will dent household incomes, raise firms'  expenses and hurt global growth weighed on Asian share markets.
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The world economy is headed for its strongest expansion for three decades but simmering inflation, sky-high oil prices and rising interest rates pose growing dangers, the IMF said.
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Oil prices surged to a new high above $47 a barrel on Wednesday on evidence that energy costs are not substantially slowing the economic growth that fuels oil demand.
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The IMF, World Bank and G7 finance ministers will say that the world economy has a vibrant heartbeat when they meet next week in Singapore, but tremors are present in the form of slowing US growth and high oil prices.
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Crude oil prices surged to a new high Monday on supply concerns ahead of the winter, a possible petroleum-industry strike in Norway and data showing that China&#39;s big demand for oil is likely to increase.