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Better than expected, Wyoming oil prices nudge $60

November 28, 2017 in News

The price of oil pushed up against the $60 dollar mark Friday, landing about a buck short of the national benchmark of light, sweet crude.

In Wyoming, where the price for operators is always a few dollars less than the West Texas Intermediate, the positive direction in pricing has buoyed hopes for a strong end to the year and a better new year. It’s also surprised many who have been betting on a much slower return.

“I really didn’t expect this continued escalation of prices,” said Chuck Mason, an oil and gas economist at the University of Wyoming’s Center for Energy Economics and Public Policy.

Wyoming has held onto about 25 rigs for the last six months, up from single digits at the beginning of 2016 when the price fell below $30 a barrel, stifling production, drilling and interest.

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