WTI has been in the 60's for 6 months and 45 for 4 months, I highly doubt it unless the cost cutting strategy continues.
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If some event creates,or gives appearance, that supply will be drastically reduced I doubt you'll see $70 WTI anytime soon. Wall Street can and does manipulate prices to some degree but now more due to too much oil
Cost cutting does not increase the price of oil. Unless the company can cut costs in excess of $600 million a month the cost cutting will not suffice.