How Slipping Oil Prices Are Hurting the Global Reflation Rally

The global market rally is facing a familiar nemesis: feeble oil prices. In the latest blow, Saudi Arabia announced Tuesday that it raised output back above 10 million barrels a day in February — reversing about a third of the cuts made the previous month — sending crude to the lowest level since late November. Oil broke below $50 a barrel last week for the first time since December as rising U.S. supply offset agreed production cuts by oil-exporting nations.

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