By Catherine Carlock, MarketWatch
SAN FRANCISCO (MarketWatch) - Oil and gas stocks clung to slim gains early Friday, holding their ground as crude oil prices moved lower. For the week, however, the sector is looking at declines of 4% or more.
The NYSE Arca Oil Index (XOI 879.19, -0.53, -0.06%) rose 0.3% to 882.46 points. Anadarko Petroleum Corp. (APC 37.63, +0.46, +1.24%) led the index's percentage gainers, up 2.2% at $38.00.
French oil group Total SA (TOT 45.70, +0.61, +1.35%) was up 1.9% at $45.94. The company said Thursday it's necessary for companies to drill in deepwater oil fields despite the moratorium on the Gulf of Mexico, because oil prices would soar otherwise, according to a report published by Susquehanna Financial Group.
The moratorium stemmed from the April 20 explosion of BP PLC's (BP 29.36, -0.03, -0.10%) Macondo well, which is still leaking between 35,000 and 60,000 barrels of oil per day.
The NYSE Arca Natural Gas Index (XNG 479.91, -0.08, -0.02%) was up 0.3% at 481.26 points. NiSource Inc. (NI 14.63, +0.26, +1.81%) , a natural gas producer and utility company, led the index with a 2% rise to $14.66.
The Philadelphia Oil Service Sector Index rose 1% to 166.63 points. Rowan Companies Inc. (RDC 22.43, +0.74, +3.41%) jumped 4.3% to $22.63 and Halliburton Co. (HAL 25.56, +0.58, +2.33%) rose 2.4% to $25.57.
Crude oil for August delivery slipped 32 cents, or 0.4%, to $72.62 a barrel on the New York Mercantile Exchange.
