High crude prices concern: Montek

Planning Commission Deputy Chairman Montek Singh Ahluwalia today expressed concerns over rising crude prices which soared to two-year high of $102 a barrel in Asian markets.

"Nobody will say that rising oil prices is not a concern," Ahluwalia told reporters here.

His remark came a few hours after the Finance Minister Pranab Mukherjee assured the country that the government will manage a way out of the spiralling global oil prices.

"Unfortunately, because of developments in the Middle East and its impact on the Arab world... (it) is causing uncertainty about production, about availability. We are watching the situation," Mukherjee said.

Unrest in Egypt, the largest nation in the Arab world and a key oil exporter, has pushed up crude prices globally. The oil prices were already ruling high on account of early onset of winter in Europe and US leading to increase in demand and speculative pricing.

Crude oil prices surged in Asia today, with Brent crude being within a whisker of breaching the $102 per barrel mark.

West Texas Intermediate (WTI) light sweet crude for March delivery, gained 2 cents to $90.79 per barrel, while Brent North Sea crude for March delivery advanced by 25 cents to $101.99 per barrel, in Asian trade.