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Sir Ian Wood – North Sea Oil will bounce back:

Wood, former chief executive and chairman of Aberdeen–based oil services firm Wood Group, said comments earlier this week from independent explorers association Brindex that the North Sea faced a “huge crisis” because of crude prices plunging below $60 a barrel were “over the top”.

After recently leading a Government review…

Brent Crude Oil price surges, closing above $61:

Oil closed up as much as 5% on Friday, its biggest gain in over two years, as some traders took profits on short positions after prices this week hit their lowest since 2009.

http://www.upstreamonline.com/live/1387242/Brent-surges-closing-above-61

North Sea oilfields ‘near collapse’ after price nosedive:

The North Sea oil industry is “close to collapse”, an expert has warned, as a slump in prices piles pressure on drillers to cut back investing in the region.Robin Allan, chairman of the independent explorers’ association Brindex, told the BBC that it is “almost impossible to make money” with…

North Sea oil industry ‘close to collapse':

The UK’s oil industry is in “crisis” as prices drop, a senior industry leader has told the BBC.

Oil companies and service providers are cutting staff and investment to save money.

Robin Allan, chairman of the independent explorers’ association Brindex, told the BBC that the industry was “close to collapse”.

Almost no…

Benchmark US oil rebounds after slipping below $55:

West Texas Intermediate oil rebounded after sliding below $55 for the first time in more than five years in New York trading.

WTI for January delivery gained 83 cents, or 1.5%, to $56.74 a barrel on the New York Mercantile Exchange.

Futures earlier touched $53.60, the lowest since May 2009.

Brent for…

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