Cenbankers See High Oil Staying High

Crude oil is expected to remain near record highs of $60 a barrel for several years, eroding some strength from a world economy already vulnerable to upsets, the world’s most powerful central bankers said on Sunday.

Global growth is softening somewhat because of crude oil prices, which have shot up 60 percent this year, although central bankers holding their annual summit said that overall the economy remains solid and inflation contained.

But surging crude oil and volatility on energy markets is clearly worrying central bankers, who held a special session on how to tackle the risks it poses at the Bank for International Settlements’ annual meeting.
MSN Money