G20 alert to economic threat from rising oil prices

By REUTERS
February 27, 2012 05:28

 
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MEXICO CITY - The world's leading economies said on Sunday they were "alert to the risks of higher oil prices" and discussed at length the impact that sanctions on Iran will have on crude supplies and global growth.

Finance ministers and central bankers from the Group of 20 said in a statement after two days of talks that they welcomed a commitment from producer countries to ensure oil supplies.

Higher prices at the gas pump could undercut the US economic recovery, push Europe deeper into recession and stoke already-high inflation in many emerging economies.

Brent crude prices rose to a nearly 10-month high of $125 a barrel on Friday as Europe and Asia cut back on buying Iranian oil and seek out supplies from elsewhere to enforce sanctions designed to curb Iran's nuclear ambitions.

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