Oil Service Shares Holding, Natural Gas and Petroleum Slip

Source:

“Natural gas and petroleum producers fell Monday after oil futures reversed course and moved lower due to losses in the broad market and an upgrade of drilling giant Schlumberger.”

Oil service stocks held on to gains but natural gas and petroleum producers fell Monday after oil futures reversed course and moved lower due to losses in the broad market and an upgrade of drilling giant Schlumberger.

Crude futures shed gains earlier in the session and moved lower by $1.33 to close at $44.95 a barrel, brushing off statements by a key OPEC official that the cartel should consider a "very sizeable cut" in production at its meeting later this week.

Meanwhile, Baker Hughes Incorporated reported Friday that the number of drilling rigs working in the U.S. decreased to 1,790, down 12% from its September record and off 2% from the year-ago period. Although the figure confirms fears about the oil service business, it comes after the sub-sector has sold off more steeply than others in recent weeks.

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