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As drillers hunker down, Wall St sees oil bounce

CEOs across oil industry plan austerity measures to weather a sustained period of depressed oil prices

"We're lower for longer," says BP's Mr Dudley, as oil industry executives shed staff and slash spending because they reckon that oil prices will remain depressed for at least five years.


THERE is a growing disconnect between Houston and Wall Street over when slumping oil prices will recover.

Beaten down by a seven-month rout that slashed crude prices from over US$147 a barrel last summer to US$42 a barrel, producers are bracing themselves for oil to remain