Bloomberg
Published Nov 12, 2018 23:15
Updated Nov 13, 2018 00:35
`Double-Whammy' of Oil Rising With Dollar Is Back to Haunt EM
(Bloomberg) -- Emerging markets are already contending with U.S.-China trade tensions, policy tightening in developed countries, and a resurgent dollar. Higher oil prices are exactly what they don’t need right now.
But that’s what they may get as the year draws to an end. With crude oil in a bear market, Saudi Arabia said OPEC and its allies should reverse about half the increase in output they made earlier this year as fears of shortages are supplanted by concerns about oversupply and collapsing prices. Oil futures in New York climbed as much as 1.6 percent.
Rising oil prices risk fueling inflation, raising import bills and forcing tighter monetary policy in developing nations that import crude. They may also weigh on global growth, hitting even those countries that export the commodity. Here’s what some investors and analysts had to say:
Written By: Bloomberg
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