Fitch Predicts Drop In Oil Prices By 2017 As U.S. Shale Output Soars

By Zainab Calcuttawala Oil bigwigs should take a step back before becoming too comfortable with the new oil price range according to Fitch Ratings’ newest market analysis. “The recovery in US drilling activity will drive up shale oil production in the second half of 2017, offsetting a portion of recent oil price gains,” the credit rating agency’s report released on Monday says. “We therefore expect average oil prices for the year to be below those in January and February.” In a stable market scenario, Fitch estimates that by the end…

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