http://news.sg.msn.com/regional/article.aspx?cp-documentid=1109819
Leaders from 16 Asia/Pacific nations were worried soaring oil
prices would prove a growing burden that could hinder economic
growth and hurt the poor, Singapore's prime minister said
Wednesday.
Prime Minister Lee Hsien Loong said leaders from the 10-nation
ASEAN bloc and their counterparts from Australia, China, India,
Japan, New Zealand and South Korea had discussed the issue at their
East Asia Summit here.
"It's a matter of concern for many of the countries," Lee told a
press conference after the talks, noting the soaring prices would
pose particular challenges to major oil-importing countries and the
region's poorer states.
"This is a burden that is growing, particularly a burden among
low-income groups," he said, adding that high oil prices could also
lead to higher inflation and cost of living.
World oil prices surged to a record peak above 99 dollars per
barrel on Wednesday on the back of the falling US dollar and tight
global crude supplies, traders said.
New York's main contract, light sweet crude for January delivery,
rocketed to an historic 99.29 dollars.
In London, Brent North Sea crude for January delivery jumped to an
all-time pinnacle of 96.53 dollars per barrel.
