Bankers' Fading Fear of Oil Lending Is Latest Boon for Shale
- JPMorgan, Wells Fargo, Citigroup cut reserves amid oil rise
- Banks release $370 million loan provisions in first quarter
How Quickly Can the U.S. Increase Oil Production?
This article is for subscribers only.
Wall Street banks’ growing optimism about the energy industry is the latest boost for U.S. oil and natural gas producers already enjoying higher prices.
JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. said on Thursday in their first-quarter earnings results that rising oil prices have helped them free a combined $370 million they previously set aside to cover bad loans.