Oil’s magic number becomes $50 a barrel for promise of recovery
The new magic number in the oil industry is $50. BP Plc, rig-owner Nabors Industries Ltd. and explorer Pioneer Natural Resources Co. all said in the past 24 hours that prices above $50 will encourage more drilling or provide the needed boost to cash flow. With oil bouncing close to $45 a barrel, an industry […]
Oil hits 2016 high, led by falling output and weaker dollar
Oil hit its highest level this year on Wednesday, driven by a falling dollar and evidence of declining U.S. supply, putting the price on course for its strongest monthly performance since last April. The prospect of an agreement among the world’s largest exporters to limit production, which had provided the catalyst for a 55 percent […]
