TORONTO (Reuters) - There is no magic solution for the rapid spike in oil prices to an all-time high and the market cannot be short-circuited, a senior Canadian finance official said on Monday.

The official, speaking during a briefing ahead of the meeting of G8 finance ministers in Osaka on Friday, was also open to the idea of a meeting of oil consuming and oil supplying nations.

(Reporting by Frank Pingue; Editing by Bernadette Baum)