SUGAR LAND, TX--(Marketwired - May 7, 2015) - Researched by Industrial Info Resources (Sugar Land, Texas) -- While the price of oil has had its ups and downs in recent weeks, the overall price trend has shown definite upward movement for the past six weeks or so. At the start of April, crude oil futures were in the mid-$40s, and this week, they broke the $60 mark for the first time this year. Wednesday's report from the U.S. Energy Information Administration (EIA) that U.S. oil reserves had declined 3.9 million barrels for the week ending May 1 (the first drawdown in 17 weeks) encouraged producers that the existing oil glut may be on the wane and helped lift prices even more.
This price increase over the past weeks has led some of the major shale oil producers to begin talking about increasing drilling activity and completing previously drilled wells. Major shale oil producers Pioneer Natural Resources Company (PXD) (Irving, Texas) and EOG Resources Incorporated (EOG) (Houston, Texas) have both expressed that they will begin increasing oil production in the shale plays in the coming months if prices continue their current trend.
Within this article: Industry leaders look toward possible growth in major areas, such as the Eagle Ford Shale and the Delaware Basin.
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