Tokyo - Record high oil prices have reached "abnormal levels", according to Japan's Economics Minister Saturday.

Speaking during a one-day meeting of representatives from Japan, United States, China, India and South Korea in Aomori city, Economics Minister Akira Amari said oil prices "are major risk factors for a recession in the world economy, not to speak of energy security."

However, US Energy Minister Samuel Bodman said speculators were not behind the rising oil prices.

Speaking to journalists before the start of a meeting of energy ministers from the seven largest industrial nations (G8) plus Russia on Sunday, he added: "Oh well, it's high. But it's a factor of increasing demand with the flat supply."

China, India and South Korea will also attend Sunday's meeting.

On Friday, oil prices on the New York stock exchange had surpassed the 139 dollar per barrel mark.

Asked whether hedge funds were sending prices soaring, Bodman said "no" and said he did not see any need to tighten financial regulations. (dpa)