Fears grow high oil prices will hit world economic growth

FEARS are growing the 44% hike in oil prices over the past year will damage global economic growth.

Business in the US is getting pessimistic as oil per barrel hovers around $64 per barrel.

Pfizer Inc chief executive, Hank McKinnel, said: "If oil prices remain high, consumers will be forced to continue to spend more on petrol and heating oil, and this could trim other expenditures."