Why Oil-Field Services Stocks Are Bouncing Back Today
Oil prices are snapping back on Thursday, one day after nosediving to their lowest level since 2002. At noon EDT, WTI, the U.S. oil benchmark, had rallied more than 18% to above $24 a barrel.
That rebound in the oil market fueled a rally in most energy stocks. One group that bounced back sharply was oil-field service stocks. Leading the way were Core Labs (NYSE: CLB), Oceaneering International (NYSE: OII), and National Oilwell Varco (NYSE: NOV), which all jumped double digits by the mid-morning.
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Source Fool.com
