OPEC delegates cautious over oil-price rebound

Delegates from the Organization of the Petroleum Exporting Countries and external experts are meeting at OPEC's Vienna headquarters this week to discuss the producer group's long-term strategy. The talks arise as data from the United States showed a record drop in drilling rigs, prompting oil prices to jump above $50 (33.24 pounds) a barrel on Friday as traders said they saw it as a sign that OPEC's strategy was taking a toll on the U.S. shale boom. "The low prices are affecting the investment of some companies in shale oil. Two other OPEC delegates, one of whom is from a Gulf producer, said they could not rule out prices dropping to as low as $30-$35 due to weak demand combined with global refinery maintenance in the first and second quarters of 2015.

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