Where Are Oil Prices Going? It's Complicated

Oil and gas drilling in the U.S. shale patch is slowing down. Rig counts have been falling for weeks, and the latest Dallas Fed Energy Survey also showed that activity is weakening. Some say this would lead to supply shrinkage, which would push prices higher. Others remain cautious as they watch where demand is going, suspecting it will remain weak, keeping prices where they are. "It is hard to be in the production business these days." The above quote is part of a comment made by a respondent to the Dallas Fed survey. That same respondent…