Why These Oil Stocks Are Soaring Today
Leading oilfield service company Schlumberger (NYSE: SLB) sees better days ahead for the oil industry. The company not only provided strong financial guidance for the year, but the company's CEO also gave a very optimistic forecast at an industry conference.
That fueled a rally in Schlumberger's stock, which surged more than 7% by 2:45 p.m. EDT on Wednesday. It also drove up shares of several other oilfield service companies, including Core Laboratories (NYSE: CLB), Oceaneering International (NYSE: OII), Liberty Oilfield Services (NYSE: LBRT), TechnipFMC (NYSE: FTI), and Nextier Oilfield Solutions (NYSE: NEX), which were all up by more than 10% at one point on the day.
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Source Fool.com
