The decline in oil prices has led to a steep drop in spending, which could pull markets away from the supply side and lead to recovery, Fitch Ratings said. Crude oil prices are lower in part because production has outpaced demand. Members of the Organization of Petroleum Exporting Countries have defended a robust production policy by pointing to the eventual return of demand. U.S. production, which in 2014 helped pushed markets toward the supply side, has been more resilient than expected, adding momentum to the downward cycle. Fitch Ratings said it expected crude oil prices to recover to around $45 per barrel for the year, a price that’s a little less than […]