SHUT DOWN RIGS
Crude lost another 11 per cent this week amid continuing worries about a supply surplus as demand slows, with the Brent benchmark falling below $50 a barrel.
ICE February Brent, the global benchmark, was trading at $50 a barrel at the end of the week while US crude fell 8 per cent to $48.37.
Analysts said the fall in oil prices was filtering through to US shale ventures, with new drilling activity affected.
Earlier this week, drilling company Helmerich & Payne told investors it would shut down 40 to 50 rigs over the next month amid softening crude…
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