The sirens in Homer’s Odyssey sing so beautifully that passing sailors can be lured to their deaths, and have to plug their ears with wax to pass by safely. As oil prices recover, US E&Ps are facing a similar test. Helped by Saudi Arabia’s decision to cut oil production by 1 million barrels a day in February and March, crude prices have risen to their highest levels since February last year. Benchmark West Texas Intermediate crude rose to just below $54 a barrel this week, and was trading at close to $53 a barrel on Friday morning. The rebound is an enticement to ramp up activity quickly and accelerate production ... (full story)