Oil gains drive rally of oilfield service stocks; Halliburton, National Oilwell hit new highs
Oilfield service shares rallied Monday as higher crude-oil prices gave investors reason to add to their bets on the sector.
Oil prices rose on what the market saw as a modest production increase from Saudi Arabia and concerns that output from Nigeria will decline. Light, sweet crude for August delivery rose $1.38 to settle at $136.74 a barrel on the New York Mercantile Exchange.
How some oilfield service stocks fared:
Baker Hughes Inc., up $5.13, or 6.1 percent, to $89.56 Halliburton Co., up $2.98, or 6 percent, to $53.01, after hitting a high of $53.11 earlier. National Oilwell Varco Inc., up $7.06, or 8.4 percent, to $91.55, after an intraday high of $92.
Schlumberger Ltd., up $4.32, or 4.2 percent, to $108.42.
