Oil prices rose at the beginning of the week on the back of drawing inventories and increased support for an extension of the OPEC output cut deal. (Click to enlarge) Chart of the Week (Click to enlarge) • The combined capex for 44 onshore U.S. oil companies increased by $4.9 billion, or 72 percent, in the fourth quarter of 2016 compared to the same period a year earlier. • That is the largest year-on-year increase since 2012. • Spending and drilling is expected to rise this year as well, and first quarter numbers will be released next month. Market Movers • Seadrill’s (NYSE: SDRL) share price melted down on Tuesday after the oilfield services company warned about the impairment on some of its bonds and the increasing likelihood that shareholders will “receive minimal recovery for their existing shares.” SDRL’s share price fell by more than 46 percent at one […]