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WPX Energy sees oil supply and demand balancing in second half of 2021


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DENVER (Reuters) – Oil supply and demand, hard hit by the COVID-19 pandemic, will not come back into balance until the second half of 2021, WPX Energy WPX.N CEO Rick Muncrief forecast on Friday at a Federal Reserve Energy Conference.

Prices could see some uplift in the second half of the coming year as supply and demand balance, Muncrief added.

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GLJ

U.S. oil futures CLc1 were trading around $42.44 on Friday. They have languished around $40 a barrel for months, below the cost of production for some U.S. oil producers.

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