BEIJING: Chinese Prime Minister Wen Jiabao expressed shock at rising oil prices Monday and blamed loose monetary policies by "some countries" as well as political unrest in the Middle East for the spike.
"I (was) very surprised and shocked when I saw the international price of oil has exceeded $100 a barrel," Wen told a group of visiting business leaders.
China needed to better improve its system of oil pricing and make it more "consistent with international practice," he added.
Unrest in the Middle East and loose monetary policies in "some countries" had caused the spike in energy prices, he said.
Chinese leaders have cited a loose US monetary policy for the rise in global commodity prices, saying it has fueled inflation in China and led to a 4.9 percent rise in the nation's consumer price index in February.
Beijing's stability-obsessed policymakers have sought to curb rising prices and ensure that the social unrest sweeping the Middle East and North Africa does not erupt in China.
World oil prices rallied on Monday after Western air strikes were launched on key crude exporter Libya over the weekend with New York's main contract, light sweet crude for delivery in April, adding $1.75 to $102.82 a barrel.
In London morning trade, Brent North Sea crude for May earned $1.43 to $115.36 per barrel.
Speaking at the China Development Forum, Wen further voice optimism over the outlook for economic recovery in the United States and Europe, but urged Washington to further open its high-technology sector to Chinese firms.
"I feel optimistic about the US economy, about the European economy, and the whole world economy," Wen said.
"It won't be long for the US to get back on the track of a strong recovery."
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