<b>PM at G8:</b> Oil market volatility bad for growth

With oil prices continuing to rise, Prime Minister Manmohan Singh today sounded a note of caution saying the current extreme volatility in the hydrocarbon market could affect the chances of sustained growth in the global economy.

It is quite obvious that the current extreme volatility and instablity in the hydrocarbon market could affect the chances of sustained growth in the global economy, Singh said during his flight to St Petersburg to attend the G-8 Summit there.

"Therefore, like other countries, we will like to see more predictable supply arrangements being worked out at the global level so that the quest for security becomes a reality," he said.

Asked about spiralling oil prices, the Prime Minister said this obviously is of concern to every country including India.