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Continental Resources says oil prices must go higher…

By Liz Hampton

Aug 4 – 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)

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