Can the global economy weather oil trading at $100-a-barrel next year? Because a triple-digit price tag wouldn’t just mean elevated energy prices — it would also turbocharge the dollar. The combination of expensive barrels and a rampaging greenback could make crude a wrecking ball in 2024 that keeps inflation high enough to destroy growth around the world.
The more oil soars, the pricier the dollar is likely to be, creating a pernicious feedback loop. The longer the cycle continues, the more pain will be felt.
