Shale Sputters as Oil Slides Into Profit Danger Zone ...Middle East

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Shale Sputters as Oil Slides Into Profit Danger Zone
U.S. shale drillers are scaling back as crude prices drift into the red zone for profitability, according to Quantum Capital Group’s Dwight Scott. With West Texas Intermediate (WTI) hovering near $65, private operators are seeing diminishing returns on new drilling activity. “In the mid-$60s, you get dangerously close to where oil prices don’t really drive appropriate returns for new drilling,” Scott said in a Bloomberg TV interview on Wednesday. WTI has dropped 8% since the start of the year and sat at $65.82 on Wednesday.…

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