The United States and Asia's four largest powers voiced "serious concerns" Saturday after the single biggest one-day hike in oil prices, warning that the global economy was at risk.

The five nations nonetheless voiced support for gradually scaling back fuel subsidies and letting the market dictate prices, although India and China said they planned to take no action soon on the politically sensitive issue.

Oil prices, which have soared five-fold since 2003, posted their highest ever one-day gain of 10.75 dollars to close at a new record of 138.54 dollars in New York after hawkish remarks by an Israeli official on oil producer Iran.

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Source: AFP (http://afp.google.com)