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Why Halliburton's Stock Rallied 10% in June

TheMotleyFool

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Why Halliburton's Stock Rallied 10% in JunePhoto, wide shot, wide-angle lens, Coal company, neutral atmosphere, photo by Galina Stepanova: https://img.theapi.app/temp/0e838f13-fa33-4583-92e9-bf3375dacf70.png

Shares of Halliburton (NYSE: HAL) rebounded 10.5% in June, according to data provided by S&P Global Market Intelligence. The main catalyst driving up the oil field services stock was a move by OPEC.

Oilfield services stocks, including Halliburton, soared on June 5. Fueling shares was news that OPEC would hold back more supplies through the end of July by extending its historic market support agreement. Shares would continue rallying on that news, soaring more than 35% at one point.

Image source: Getty Images.

Source Fool.com

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