Oilfield Services Not Expecting Rebound Until Late 2016

OPEC’s strategy of keeping oil prices low appears to be having the cartel’s desired effect, at least on oilfield services companies such as Halliburton Co. The company has posted a third-quarter loss of $54 million and will lay off 2,000 more employees because drillers in the United States can’t afford the expense of fracking until the cost of a barrel of crude goes back up.The average global price of oil has been falling for over a year from its high of more than $110 per barrel in June 2014, led largely by prodigious output…

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Oilfield Services Not Expecting Rebound Until Late 2016

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