Oil Producers Betting on Price Drop With OPEC Unbending: Energy
This article is for subscribers only.
The oil industry was listening as OPEC talked down crude prices to a more than five-year low.
Drillers, refiners and other merchants increased bets on lower prices to the most in three years in the week ended Jan. 6, government data show. Producers idled the most rigs since 1991, with some paying to break leases on drilling equipment.