Central banks fear slump as oil soars near $61

The world’s central banks expressed concern yesterday about the impact of rapidly rising oil prices on the global economy as the price of crude surged to a record high of $60.90 in New York trading. Amid signs that the near-40% jump in the cost of oil since the start of the year has started to weaken demand, the Bank for International Settlements, the Swiss organisation that acts as the central bank for central banks, warned against the assumption that prices would quickly fall back to their previous levels.

The Guardian