Economic powers pledge to limit fallout from oil crisis

The world’s most exclusive financial club sought to project an air of confidence on the heels of unsettling economic developments – a stomach-churning drop on Wall Street and gyrating global energy prices.

Oil prices are expected to remain high – and volatile – given tight supplies and rising demand, especially in rapidly developing countries like China.

Finance officials from the world’s seven richest countries Saturday signaled their resolve to deal with the energy situation and reassure financial markets that they are on top of the matter.

“Higher oil prices are a headwind” the finance officials acknowledged in a joint statement. However, they urged producers to increase energy supplies and said countries should conserve more.