The price of oil hit a fresh 26-month high on Monday as ministers from producer nations signalled there were no plans to boost output. US light, sweet crude rose 27 cents to $91.78 in Asia and London Brent crude rose 44 cents to $94.21. Some members of the Organization of Petroleum Exporting Countries (Opec) said the group was unlikely to meet until June to discuss production moves. A blizzard in north-eastern parts of the US has also pushed prices higher. However, a Christmas Day interest rate rise in China prompted some concerns over growth in the country's fuel demand. "China's interest rate hike is having some impact on the oil markets... because of concerns over how the tightening of monetary policy will impact demand growth," said ANZ oil analyst Serene Lim. Oil prices tumbled by 4% when China last raised interest rates in mid-October. But prices quickly recovered and have since rallied by about 15%, largely driven by the unusually cold weather seen in Europe during December and the resultant surge in fuel demand. Some analysts are concerned that such fuel price growth will push up inflation and hurt global economic growth. "High oil prices were one of the contributors to the last global crisis," said JBC Energy in a report. "The largest effect of an oil price shock on the economy occurs around three to four quarters after the price spike." Source: BBC