Oil’s Brief Surge Above $100 Exposes Inflation Risk for Stocks

Last week, Morgan Stanley said oil would need to remain over $100 a barrel to dislodge the bank’s bullish outlook for US stocks. Evercore ISI said crude priced between $93 and $97 would signal that equities are headed for a drop.

Oil had surged past those levels for less than 24 hours on Monday, but that was long enough to raise concerns on Wall Street and, seemingly, in Washington. Late into the trading session, President Donald Trump spoke.