Oil price surge &#39;threatens global growth&#39;
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The German finance minister, Hans Eichel, today warned that global growth would be at risk if oil prices remained at their current levels.
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Oil prices surged to a new high of $47 a  barrel on Wednesday on evidence from major economies that  energy costs are not substantially slowing the economic growth  that fuels oil demand. Fresh threats by rebel militia in Iraq  against oil facilities helped underpin price gains.
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The global economy should register its strongest growth in 30 years in 2004 despite soaring oil prices, which are expected to restrain the US expansion a bit, the International Monetary Fund said Wednesday.
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Global oil demand will rise significantly next year, the International Energy Agency says, pushing up prices.
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Global oil prices raced to fresh highs on Friday carrying US crude close to $49 a barrel, driven by escalating violence in Iraq and unabated demand growth from China and India.
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Driven by an unprecedented surge in demand, oil prices crossed a long-awaited symbolic milestone.
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Global oil prices rallied to fresh  highs on Friday with U.S. crude approaching $49, driven by  escalating violence in Iraq and unabated demand growth from  China and India.
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Declaring that high oil prices are a threat to the global economy, the world's industrialized countries urged producers Friday to provide price relief by boosting supplies.
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Controlling growth in fuel consumption may become a strategic imperative for the West, as explosive demand growth in Asia threatens a damaging tussle for world supplies.
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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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World crude prices rise amid fears that oil supplies from the Gulf of Mexico could be disrupted by Hurricane Ivan, and as saboteurs strike a pipeline in Iraq.
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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.
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World oil prices vaulted to record highs Friday, stirring fears of $US60 a barrel for New York crude, as traders sweated over tight US energy stocks and rampant, China-driven demand.
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OTTAWA - World economic growth will be at risk next year if oil prices remain near all-time highs well into next year, the Conference Board of Canada said Friday.
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Washington, Sept. 30.(UNI): The expansion of the global economy could hit a 30-year record in 2004 but will likely slide in 2005 as a result of higher oil prices and other factors, the International Monetary Fund (IMF) sources said.
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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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The soaring cost of oil hits global economic growth, although recovery is not a distant prospect, according to the OECD.