Crude plunged for eight of nine weeks prior to the group’s November gathering, when the kingdom faced down opposition from the majority of fellow members, who advocated output reductions to tackle a global glut.
As the price of oil seemingly began to stabilize for now near $60 a barrel, the U.S. oil rig count slowed its pace of decline down to a crawl. The number of U.S. oil rigs is now at 659, according to Baker Hughes data, after dropping by eight oil rigs a week prior.
In a report released Friday, Standard & Poor’s Rating Service said it has downgraded credit ratings for oil companies 26 times this year and has only issued three upgrades. And its gloomy assessments will likely continue to stay well ahead of positive ones over the next year, especially if capital market investors and lenders pull back in coming months.
The Bakken has seen a dramatic decline in horizontal rigs since prices collapsed last year, but the play’s sweet spots remain attractive, especially as oil prices begin to inch upward, a new analysis finds.
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