BRUSSELS (Dow Jones)--Sustained high oil prices of around $100 a barrel will take a toll on the European economy in 2008, the European Commission's spokeswoman for economic and monetary affairs said Thursday.
Crude oil prices soared briefly to the psychologically important $100 mark Wednesday, driven by concerns over unrest in oil producer Nigeria and declining U.S. stockpiles.
Continued prices at this level would impact the economy, said spokeswoman Amelia Torres, though the strength of the euro against the dollar has so far helped to mitigate the effect.