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To: wannaBrich who wrote (68485)	10/25/2000 3:58:00 PM
From: john	Read Replies (1) \| Respond to of 150070

(COMTEX) B: Mideast hostilities put more pressure on oil prices B: Mideast hostilities put more pressure on oil prices MONTREAL, Oct 25, 2000 (The Canadian Press via COMTEX) -- The latest hostilities in the Middle East have put renewed pressure on international oil prices, Mexico's finance minister said Wednesday. Meeting reporters during a break in deliberations of the G-20 countries, Jose Angel Gurria said oil-producing countries like his have boosted production, which has eased pressure on prices. But Gurria said the better balance between supply and demand is being threatened again by Mideast violence. "Middle East tension is exacerbating tension and there is stock building because of the uncertainty," said Gurria. "This has not allowed the balance between supply and demand to function as it should." Canada, Brazil, Saudi Arabia and Indonesia are other oil-exporting countries who are represented at the two-day conference in Montreal which ended Wednesday. The high price of oil was not on the G-20 agenda but forced itself into the discussions because the high price has pinched the economies of industrialized nations and led to protests in many countries. The finance ministers and central bank governors came to Montreal mainly to find a consensus on ways to minimize the effects of financial crises on global trade. Their remedy is to focus on globalization, allowing the free passage of goods and services between all countries, coupled with common rules and standards for institutions like banks. Several groups including the Council of Canadians have staged protests against globalization, blaming it for increasing inequalities in the world, environmental destruction and exploitation of workers. Gurria noted that his country has just signed a free trade agreement with the European Community. He believes the best way to help the 40 million poor people in his country of 100 million is freer trade. "We have to open borders before talking about social questions," Gurria noted. "That could help resolve a lot of problems of developing countries." Paul Martin, Canada's finance minister and chairman of the meeting, said his goal is "to make globalization work for everyone." ALLAN SWIFT The online source for news sports entertainment finance and business news in Ca ada