Official: Don't blame developing economies for oil hikes

AOMORI, Japan: The fluctuation of crude oil prices is closely related to the global financial market and the surge in oil prices should not only be ascribed to the rising energy demands of rapidly developing economies, a Chinese energy official has said.

A huge amount of oil trade is conducted in the financial market and oil prices are no longer up to the traditional marginal utility but have become a financial concept under the influence of many factors, said Zhang Guobao, vice-minister of the country's National Development and Reform Commission.

Zhang dismissed the idea that rising demands in developing countries such as China and India should be blamed for the surge of oil prices.