Baker Hughes: Oil Price Below $75 May Slow Spending
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Baker Hughes Inc., the third-largest oilfield-services provider, said oil prices below $75 a barrel for a few months may cause energy companies to pull back spending on exploration and production.
West Texas Intermediate, a U.S. benchmark for oil, fell below $80 a barrel for the first time since June 2012 as a North American production boom met with lower forecast demand growth. Brent crude, the global benchmark, reached an almost four-year low of $82.60 a barrel today.