$85 Oil Opens Chasm Between Emerging-Market Winners, Losers

Oil prices have been creeping upwards for more than a year, quietly gaining ground as emerging-market investors fretted about trade and the end of cheap money. But now that crude is near the highest in four years, it’s suddenly a hot topic.

For energy importers, the squeeze in supply is stoking inflation, while climbing U.S. rates lure funds from their markets. Countries that control the pumps can use the extra cash to inoculate their economies against future fallout from Washington’s trade war with China and offset the tight domestic policy needed to keep investors keen when Treasury yields are at a seven-year high.

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