Soaring oil 'hits world economy'
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The soaring cost of oil hits global economic growth, although recovery is not a distant prospect, according to the OECD.
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Record prices boost the cost of heating oil, unnerve the stock markets, and clip GDP growth.
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Oil prices struck a fresh record on  Thursday, spurred higher by renewed violence in Iraq and fresh  evidence that strong demand growth in China and India has not  been slowed yet by higher energy costs.
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Oil prices struck a fresh record on Thursday, spurred higher by renewed violence in Iraq and fresh evidence that strong demand growth in China and India has not been slowed yet by higher energy costs.
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Oil hit a fresh record high of &#36;75.70 a  barrel on Friday after a U.S. government report showed strong  fuel demand in the world&#039;s top oil consumer.
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Oil soared to a record near $81 a barrel on Monday on worries that global energy supplies could shrink to critical levels this winter heating season due to strong demand growth.
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Oil prices surge to new highs in Asia and London amid concerns over winter fuel shortages.
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Global oil demand will rise significantly next year, the International Energy Agency says, pushing up prices.
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Oil prices hit a record high Thursday of more than $90 a barrel after reports indicated that the Organization of Petroleum Exporting Countries has no plans to increase production.
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World oil prices hit new records above $50 a barrel Tuesday amid fears that problems in oil-producing nations mean that oil supplies may not meet strong demand.
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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 struck a fresh record high  above $47 a barrel on Thursday as fresh evidence of demand  growth in China and India underlined how rising appetite for  oil is straining the world's supply system.
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Oil prices surge past $70, hitting their highest level in 10 months on concerns about short-term supply.
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The world&#39;s reliance on oil and gas is set to increase sharply as global energy demand soars by 60% over the next 25 to 30 years, an influential report predicts.
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The world's top economic leaders  Friday asked oil producers to pump more crude and demanded  better market data to determine why oil costs have roared to  levels that imperil the best growth prospects in 30 years.
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GENEVA - Data released by the World Trade Organisation highlighted the growing economic impact of energy costs, as fuel imports, including oil, into major economies rose in 2003 by the largest amounts seen in recent years.
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Oil surged above $70 on Monday on news a cyclone was headed toward the oil-producing Arabian peninsula with the potential to disrupt shipping and output.