By November 18, 2016 Read More →

Robert Kaplan says oil at $55 to $65 a barrel would boost U.S. rig count

Robert Kaplan

Robert Kaplan is taking a wait-and-see approach concerning the possible OPEC output freeze. Getty Images photo.

Robert Kaplan says OPEC freeze is challenging

HOUSTON, Nov 18 (Reuters) – Dallas Federal Reserve Bank President Robert Kaplan on Friday said that he would expect U.S. oil producers to ramp up their rig count once the price of crude rises to $55 to $65 a barrel.

But, in comments to reporters on the sidelines of a conference on oil at his bank’s Houston branch, he said it would be “challenging” to get to an OPEC freeze or cut in production, and said he is taking a wait-and-see approach.

U.S. drillers added 19 rigs last week, the largest weekly gain in 16 months, according to data from energy services firm Baker Hughes. Although U.S. oil futures traded about $50 a barrel for much of October, prices have since fallen, and on Friday were trading around $45 per barrel.

(Reporting by Liz Hampton; Writing by Ann Saphir; Editing by Meredith Mazzilli)

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