WTI $42.89 -0.24 after trading as low as $42.36; Brent $45.07 after trading at $44.17.
From City AM:
Cost cuts mean a growing number of oil firms will stop bleeding cash this year with crude at $40 per barrel, according to energy consultancy Wood Mackenzie.
Oil firms have been trimming the fat to adapt to the new price environment. While oil markets are on the road to recovery, signs this will be a long process have pushed crude below $45.
It said all 56 companies will be able to maintain or even expand their operations this year with oil prices above $50."This is some achievement given the majority needed over $90 a barrel in 2014," Tom Ellacott, senior vice president of corporate research at Wood Mackenzie, said....MORE