Crude oil prices rebounded Friday amid further signs that U.S. and Canadian firms will curb production into the new year.
Oil major Schlumberger’s Chief Executive Officer Paal Kibsgaard said it will be 2017 before a recovery in oil prices truly kicks in.
“In light of conservative customer budgets for next year, we are therefore entering another period during which we will continually adjust resources in line with activity,” Kibsgaard told various news outlets.
U.S. crude oil for November was up 88 cents, or 1.9%, to settle at $47.26 a barrel.
Still, prices fell 4.8% for the week due to rising global oil inventories.
The material has been provided by InstaForex Company – www.instaforex.com