CNBC | Patti Domm
US oil prices are expected to drive up with the help of OPEC, Russia and other major producers.
At $50, and even more so at $60, U.S. oil drillers can profit on a much wider group of drilling sites. Analysts say a new deal expected from OPEC and other producers could speed up a rebalancing of the market, but the wave of new U.S. shale wells would also unleash enough new oil to cap OPEC’s price gains. Energy ministers from Russia and Saudi Arabia this week said they would recommend that other producers agree to an extended nine-month deal, instead of the six months or less that was expected by markets. The producers have agreed to hold 1.8 million barrels a day off the market. Oil jumped on the news, with West Texas Intermediate crude edging back toward the psychological $50 per barrel level Tuesday and Brent futures just over $52.
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