Crude oil prices gained traction in Wednesday trading as U.S. federal data show spending on exploration and production was down by double digits. Global oil prices are about half of what they were in June 2014, dropping more than once this year below the $50 per barrel mark. The steady drop in crude oil prices has forced energy companies to cut back on staff and reduce the amount of capital set aside in their 2015 budgets for exploration and production, known as the upstream side of the sector. A daily brief from the U.S. Energy Information Administration finds spending on exploration and production during the fourth quarter of 2014 was down 12 percent year-on-year. EIA said the impact of the spending cuts might not be felt for a long time. […]