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US$60 is the new US$50 for oil drillers in US waiting for rebound

Despite higher prices and lower costs, industry raises the bar for resuming drilling because it wants prices to be sustained

American oil companies remember last year's false starts, when crude prices rose and drillers began to resume activity, only to see oil crater again as too much supply came online.

New York

EARLIER this year, oil and natural gas companies facing the worst slump in a generation said they would need crude to reach US$50 a barrel before resuming drilling. Last week, despite higher prices and lower costs, the industry raised the bar, signalling it will take US$60 or