Unfazed by Low Prices, Bankers Remain Confident in Oil Lending
- JPMorgan, Wells Fargo keeping energy portfolios stable
- Change in industry fundamentals cited for driving optimism
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Fears of a long spell of low oil prices haven’t shaken Wall Street’s confidence in the sector.
With the price of crude languishing around $46 a barrel in New York, the industry’s bankers remain optimistic about their energy investments, according to JPMorgan Chase & Co. and Wells Fargo & Co. That’s different from a year earlier, when banks pulled back on loans to energy companies after crude dropped to about $26 a barrel in January 2016.