The recent bout of higher oil prices is unlikely to make much of a dent in the global recovery, according to economists who say strong growth and flush consumers in advanced economies will help the world absorb much of the blow from costlier crude.
Rising global demand and a dispute about supply levels among members of the Organization of the Petroleum Exporting Countries and allies sent U.S. crude oil futures prices rising above $75 a barrel earlier this month, the highest level in six years. U.S. prices have retreated since but remained above $70 a barrel Thursday, about where they were in the fall of 2018.
