Investments indicate "quiet optimism" in the oil industry

European oil will soon be competitive with the low break-even prices from the US, according to Wood Mackenzie. The latest investment decisions indicate "quiet optimism" in the oil industry, the firm writes.

BY DANIEL LOGAN BERG-MUNCH, SHIPPINGWATCH

In recent years, the global oil market has been under severe pressure from the US shale oil industry which has flooded the market on its low break-even prices, keeping North Sea oil prices in check.

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