NEW YORK (MarketWatch) - Energy shares jumped on Monday as buying continued after the sector's first positive week since the credit crisis took hold, with Halliburton lifting oil services shares on its third-quarter results and less-than-dire outlook.
The Amex Oil Index rose 6% to 907. The Philadelphia Oil Service Index rose 4.6% to 150. The Amex Natural Gas Index jumped nearly 8% to 422.
Halliburton Co ) turned in "solid operational results," according to analysts at TPH Energy Research. Halliburton signaled its business could slow down as production firms like Chesapeake Energy curb capital spending, but said the slowdown appears to be limited to the U.S. Halliburton shares rallied 16% to $21.22. See full story.
Fellow drilling firm Weatherford reported a 27% jump in net income on record revenue. Shares jumped 10% to $16.12. See full story.
Last week, the Amex Oil Index gained 6%, the Amex Natural Gas Index advanced 18% and the Philadelphia Oil Service index rose fractionally.
On Monday, crude for November delivery rose $1.90, or 2.6%, to $73.75 a barrel in early electronic trading. It climbed to as high as $74.28 earlier. Crude lost 8% last week. See Futures Movers.
OPEC should order a "substantial" cut in oil output at Friday's emergency meeting in Vienna, Algerian Energy Minister and current OPEC president Chakib Khelil said Saturday, according to media reports.
