Asia braces for rising oil prices

Asia’s oil-guzzling economies are bracing for the worst as crude prices threaten to hit $70 a barrel, stoking fears of slower growth, soaring inflation and rising interest rates.

Oil prices surged to an all-time high of $67.10 a barrel on 12 August, and while they have since pulled back to about $64, analysts said prices remain volatile because of strong demand and tight supplies.