Global economy on high alert as oil sizzles

Oil prices have just set yet another record They have been soaring for years without stunting global economic growth, profits or share prices, and without stoking high inflation. So far so good, but for how long?

As oil topped $72 a barrel on Tuesday, some economists began to ask again if the latest spurt in a four-year rally will push costs beyond tolerance levels, sparking inflation in earnest or a drop in business activity as companies buckle under bills.

India Times