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Most US oil executives see prices below $60 per barrel through 2018

“Nearly two-thirds of U.S. oil executives see crude oil prices remaining below $60 per barrel through 2018 and not hitting $70 until at least the next decade, according to a survey published on Wednesday by consultancy Deloitte Services” writes Andrey Rudakov for U.S. oil prices fell slightly on Wednesday to $50.79 per barrel.The mood among executives was less pessimistic for natural gas prices, with those polled saying they expect prices to rise above $3 per million British thermal units into next year.Half of executives polled said they expect capital spending to drop next year, and nearly 60 percent said they expect a decline in the number of drilling rigs active across the United States.Greater well efficiency and new technologies – long touted by industry executives as a cure-all for low prices – were seen as having less of an impact on costs.

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