HOUSTON: Oil closed above US$50 a barrel in New York for the first time in 10 months and US production has fallen to the lowest in almost two years. Time to drill, baby, drill?
Investors are getting excited. The Philadelphia Oil Services Index jumped the most in seven years on Monday, and energy producers in the S&P 500 index rose to the highest since November. Helmerich & Payne Inc, the biggest drilling-rig contractor in the US, said it’s starting to get calls from exploration customers.
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