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Some Oil Companies a Few Weeks Away From Bankruptcy, Analyst Says


NEW YORK (TheStreet) -- The recent steep drop in oil prices may lead to some oil company going out of business within a few weeks, according to Amrita Sen, Senior Oil Analyst at Energy Aspects.

Low oil prices could reduce companies' borrowing lines of credit from banks, which come up for renewal on October 1, Sen explained.

"The banks will look back at the last twelve months of WTI prices, which on average has been about $45 a barrel if not lower," said Sen. "And suddenly the amount of money available to these U.S. producers...