Oil Prices Rebound

New York, New York, January 21, 2015--The price of oil rebounded from the biggest drop in a week. This came as the U.S.--the fastest growing producer--slowed drilling as prices reached a 5.5 year low, according to Bloomsberg News. 

Oil prices fell nearly 50% last year--the most since the 2008 crash--as the U.S. pumped at the fastest rate in more than three decades. The largest overseas investor in U.S. shale, BHP Billiton Ltd., said it will trim the number of active drill rigs in the States by nearly 40%. 

Futures rose 1.4% in New York, making up for a bit of Tuesday's 4.7% slide, said Bloomsberg.