REFILE-UPDATE 5-Texas regulators put off vote on oil curbs a day after historic price reversal [Reuters]
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Source: Reuters
Texas regulators put off vote on oil curbs a day after historic price reversal HOUSTON (Reuters) - The day after U.S. crude prices crashed into negative territory for the first time, two of three Texas oil and gas regulators on Tuesday delayed a controversial vote to force producers to curtail oil output, predicting the move would land the state in a years-long legal battle. Oil and gas companies have been gushing red ink and cutting tens of thousands of workers as prices tumble, prompting regulators in the largest U.S. oil-producing state to wade into global oil politics and consider some producers’ calls for cuts. On Monday, the May futures contract for U.S. crude closed at a negative $37.63 a barrel as traders desperate to avoid owning oil paid others to take it. On Tuesday, the contract rebounded from negative territory and expired with a settlement price of $10.01, up $47.64. [O/R] Two of the three commissioners of the Texas Railroad Commission, Chairman Wayne Christian and Chris
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