Now that oil is back up to $50 per barrel, will oil companies redeploy rigs to begin drilling again? Oil prices have rallied roughly 85 percent since February on the back of falling U.S. production, supply outages in Canada and Nigeria, and rising global demand. Although prices have bounced around violently over the past two years, WTI and Brent have traded in a relatively stable range of $47 to $50 per barrel for the past month, a period of calm that has rarely been seen since the downturn began in mid-2014. In fact, the CBOE Crude Oil Volatility Index, which tracks oil price volatility, is at its lowest level in a year. It is almost as if the markets took a breather in May before deciding on what to do next. The price gains have come without any assistance from OPEC. The top members of the oil cartel are […]