The Armageddon Foil (Stephen Roach)

…With oil prices down about 15% over the past two-and-a-half weeks, the likelihood of a full-blown energy shock has receded a bit. I have long maintained that the $50 threshold is a very dangerous price point for a vulnerable global economy. So far, that threshold was breached for only about five weeks. I have no idea what lies ahead for oil prices, but if they hold at or below present levels, then any disruption to global demand will be limited.

Morgan Stanley