Continental Resources says oil prices must go higher for shale output to expand

By Liz Hampton

(Reuters) – U.S. shale oil producer Continental Resources on Tuesday said it plans to resume most curtailed production, adding prices will need to rise further for a significant rebound in activity.

Supply and demand are rebalancing, but current prices of $40 a barrel are not enough for long-term U.S. growth, founder and Chairman Harold Hamm said. Oil needs to reach $50 to $60 a barrel, he said, otherwise growth would be moderate.

(Reporting by Liz Hampton; editing by Jonathan Oatis)