The Oil Price Rally Is Stumbling at the Worst Possible Time

The rally in global oil prices has stalled at the worst possible time for explorers, just as banks reassess credit lines crucial to their growth. This year’s reviews, due to start next month, will arrive with the industry nursing a nasty case of whiplash. Prices surged on OPEC’s pledge to cut output late last year, hitting $55.24 a barrel in New York in January. Since then, they’ve fallen by about 14 percent, undercut by rising U.S. rig counts.

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