Dallas Federal Reserve Bank President Robert Kaplan on Friday said that he would expect U.S. oil producers to ramp up their rig count once the price of crude rises to USD55 to USD65 a barrel.
Dallas Federal Reserve Bank President Robert Kaplan on Friday said that he would expect US oil producers to ramp up their rig count once the price of crude rises to USD 55 to USD 65 a barrel.
But, in comments to reporters on the sidelines of a conference on oil at his bank's Houston branch, he said it would be "challenging" to get to an OPEC freeze or cut in production, and said he is taking a wait-and-see approach.
U.S. drillers added 19 rigs last week, the largest weekly gain in 16 months, according to data from energy services firm Baker Hughes. Although U.S. oil futures traded about USD50 a barrel for much of October, prices have since fallen, and on Friday were trading around USD45 per barrel.
(Reporting by Liz Hampton; Writing by Ann Saphir; Editing by Meredith Mazzilli)The Great Diwali Discount!
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