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Why Shares of Schlumberger Soared in May

TheMotleyFool

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Why Shares of Schlumberger Soared in MayPhoto, wide shot, wide-angle lens, Coal company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.midjourneyapi.xyz/temp/2a011bdc-adca-4de9-8457-d868b31178cf.png

Shares of oil services company Schlumberger (NYSE: SLB) soared 17.8% in May, according to data provided by S&P Global Market Intelligence. The move comes as part of a broader appreciation in the oil services sector, with peers Halliburton and Baker Hughes also rising by a mid-teens percentage in the month.

In fact, it's been a very strong year so far for the sector, with investors warming to the gradual rise in the price of oil and how that induces oil majors to start spending on exploration and production (E&P).

Image source: Getty Images.

Source Fool.com

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