A survey of executive sentiment fell to -10 from 47 in the prior quarter, the first negative reading since early 2016, when US crude prices plummeted to $26 per barrel.

More than half of executives said they expect lower capital spending in 2019.

Still, executives are predicting the US crude will end the year trading around $60 per barrel - a 30 percent increase over current prices.

Responses ranged from $50 to $64.99 per barrel, according to the survey conducted Dec. 12-20. Only 9 percent of executives said they were planning for a per barrel price below $50 for the year.

The US benchmark West Texas Intermediate crude was trading around $46.61 on Thursday morning.