RTTN: Oil Service Stocks Moving Lower Along With Crude Oil
(RTTNews) - Oil service stocks are seeing considerable weakness in late morning trading on Friday, moving to the downside along with most other resource-related stocks. A notable decrease by the price of crude oil is contributing to the weakness in the sector.
The losses by oil service stocks have resulted in a 2 percent loss by the Philadelphia Oil Service Index, which hit its worst intraday level in over a month earlier in the session.
The weakness in the sector comes as the price of crude oil is extending a recent downward move, with crude for October delivery currently down by $0.60 at $74.17 a barrel. Earlier, the price of crude oil fell to its lowest level in over a month.
Within the sector, shares of Schlumberger (SLB) have shown a notable downward move, falling by 2.3 percent. At its low for the session, Schlumberger was at a well over one-month intraday low.
Transocean (RIG) and Nabors Industries (NBR) are also posting significant losses, dropping by 3.4 percent and 3.5 percent, respectively.
