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News At One: Axxel Knutson, President of investment management company Tradingweapon.com, says there is a global spiralling of demand
International oil prices have again moved above $40 a barrel.
The increase comes after oil-producing countries meeting in Amsterdam failed to announce an increase in production to bring prices down.
OPEC has delayed a decision on Saudi Arabia's proposal to boost production by two million barrels a day until next month, despite strong pressure from the leading industrial nations at the weekend.
Finance Ministers of the so-called G7 countries meeting in New York warned that the current price levels could lead to a global economic slowdown.
In a communiqué, the ministers said lower oil prices would benefit the entire world economy.
