UPDATE 1-G8 energy leaders urge stable oil prices
* U.S. says oil spike would delay recovery
* OPEC meets this week, Algeria says output cut unlikely
* Saudi says demand will pick up, but can't give time frame
(Recasts with new comments)
By Rania El Gamal and Silvia Aloisi
ROME, May 24 (Reuters) - Consumer nations on Sunday urged producers to keep oil prices stable or risk derailing a fragile global economic recovery, as top exporter Saudi Arabia forecast prices eventually moving towards $75 a barrel.
Group of Eight energy ministers were meeting in Rome against the backdrop of a price rally that has sent oil prices CLc1 to a six-month high of more than $60 a barrel.
"If oil prices do spike up considerably, that would be a factor in delaying economic recovery," U.S. Energy Secretary Steven Chu told a news conference. [ID:nRON004625] Continued...
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