n 2017, oil prices recovered significantly. Posting its second annual gain in a row, the commodity closed 2017 up more than 12%. The U.S. oil benchmark ended the year at $60.42 per barrel -- its highest closing since June 2015.
However, this wasn't reflected in the budgeted exploration spending in 2018. The companies are still allocating capital on existing assets and ongoing developments. Oil giants like Anadarko Petroleum and Chevron CVX have announced exploration budget for 2018, which is lower or almost in line with 2017 figures.
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Headline crude prices for the week beginning 10 February 2020 – Brent: US$53/b; WTI: US$49/b
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