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G7 worried over sky-high oil prices

AFP, Washington
Finance ministers from the world's richest nations expressed their concern over sky-high oil prices during a weekend meeting here and warned fuel costs could derail global economic growth.
Although initial reports suggest Hurricane Rita, which struck the US Gulf coast early Saturday, did not ravage America's oil industry as badly as some had feared, the Indus -trialized countries of the G7 said oil prices have become a mounting worry.
in extraordinary trading, New York's main contract, light sweet crude for delivery in November, was down 1.17 dollars at 63.02 dollars per barrel at 2342 GMF Sunday on the New York Mercantile Exchange after shedding more than 1.20 dollars earlier in the day.
Despite lower prices Sunday, the price of oil has doubled since early 2004 and tripled since 2002. Unrest in the Middle East, supply constraints and rising oil demand from China have stoked the price gains.
"The global economy, as a whole, continues to expand and thq outlook is positive for further growth, supported by the containment of underlying price pressures. However, higher energy prices, growing global imbalances and
rising protectionist pressures have increased the risks to the outlook." G7 ministers said in a statement on Friday.
The G7 brings together Britain, Canada, France, Germany, Italy. Japan and the United States. G7 finance ministers gathered in Washington this weekend for the annual meetings of the International Monetary Fund and theWbrld Bank.
The G7 statement followed swiftly on the heels of a warning from IMF chief Rodrigo Rato who said Thursday that rising oil prices have become a threat to the world economicgrowth.
"Oil prices have become certainly a threat to the world economy," Rato said, adding that prices had soared not just because of demand "but also because of supply constraints, especially in refinery capacity."
The constraints are a "worrisome sign regarding the future of world growth’’, he noted.
Ahead of the meetings this week-end, IMF senior economist Raghuram Rajan warned last week:
“Higher oil prices are a clear and present danger."
However. w|th limited oil production of its own. the G7 has only been able to issue calls for an expansion of global refining capacity and improved market transparency.