TOKYO (Reuters) - The world economy is vulnerable to a deeper slump in the U.S. housing market, tighter credit conditions and high oil and commodity prices, according to a draft copy of a G7 communique obtained by Reuters.

Finance leaders from the Group of Seven industrialised nations also called on world oil exporters to step up production as high prices stoke inflation.

The draft did not contain any proposed wording on foreign exchange rates, which G7 finance officials were discussing in their meetings on Saturday.

"Downside risks still persist, which include further deterioration of the U.S. residential housing markets; tighter credit conditions from prolonged difficulties in the financial markets; high oil and commodity prices; and heightened inflation expectations in some countries," the draft G7 statement read.

The finance leaders urged oil exporters to raise production, saying that high oil prices stemmed largely from rising world demand, but also geopolitical concerns.

The G7 in its October statement made no reference to oil production and previously had only spoken of the need to increase refinery capacity and energy efficiency.

Since then, oil prices briefly topped $100 per barrel last month, pushing global inflation uncomfortably high and complicating matters for central bankers trying to prop up economic growth without stoking further price pressure.

Oil has since retreated to around $90 a barrel on concerns a slowing economy would dent demand, although supply disruptions and a forecast U.S. cold snap saw prices vault 4 percent on Friday to $91.77 a barrel.

Finance ministers, keen to show a united front in the face of a weakening global economy, acknowledged that growth was likely to slow, and risks were skewed to the downside.