Oil rise sparks concern at IMF

By Chris Giles and Andrew Balls in Washington
Published: September 25 2005 20:53 | Last updated: September 25 2005 20:53

Finance ministers and central bank governors of the world's leading industrial countries have warned of economic disruption from high oil prices and and vulnerabilities in financial markets.

The mood at the International Monetary Fund and World Bank annual meetings was downbeat, with senior politicians and officials airing their fears that global economic expansion may have peaked and that more challenging times lie ahead.

Jean-Claude Trichet, president of the European Central Bank, said that high oil prices were having a "very significant impact" on growth and inflation.