| Range of $50-$60/b marks sweet spot for global economy – good for consumers, industry, oil producers alike. Global oil prices slipped more than 1 per cent from above $50 to below that psychological mark as US drillers reopened some oil rigs last week – only the second time they’ve done so this year.
According to Baker Hughes data, US added 9 oil rigs last week, taking the number of active oil rigs in the country to 325 from 316 in the previous week. While the number still remains almost half of what it stood a year earlier (642 oil rigs in the US), it does suggest that the current oil prices are encouraging for shale oil producers to remain in business...............................................Full Article: Source
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