European Central Bank: No Rate Cuts With High Oil

ECB member Axel Weber say the central bank cannot cut rates further in the face of the rising inflation which will be caused by the high cost of oil.

``The surge in oil prices is a major concern and I don't think it leaves us any room for a loosening of our monetary policy,'' Weber, who is also president of Germany's Bundesbank, said at a press conference in Frankfurt according to Bloomberg.

Douglas A. McIntyre