More analysts partial to L-shaped oil recovery

Houston

GET ready for an L-shaped oil recovery.

A growing consensus is emerging from the likes of BP, the International Energy Agency, shale wildcatters and even the Saudis that a near-term recovery to US$100-a-barrel crude isn't in the cards. Instead, expect a range of US$50 to US$60 for at least the next few years.

When oil prices plunged sharply in 2008, they rebounded almost as quickly. Several months ago, industry and government touted the same U or V-shaped recovery this time. On closer examination, a new factor in the marketplace - shale oil - has changed their minds.

"This is the new normal," Dennis Cassidy, co-leader of the oil and natural gas practice for consulti…