Oil services sector higher, crude turns lower
[2008-4-1]
Oil services sector was mostly higher, but well off earlier highs, as crude oil reversed course to drop sharply, swinging from a gain of over $1 a barrel to a loss of more than $4.
The Oil Services Holdrs was up 0.5% at $174.95, but had been up as much as 3.1% in intraday trading. Of the sector tracking stock's 17 components, 11 were trading higher.
May crude futures were last down $3.63 at $101.99 a barrel, and was down as much as $4.03 at its intraday low of $101.59. Earlier in the session, the May contract was up $1.16 at a high of $106.78 earlier in the session.
Among the OIH's more-active components, Rowan Companies (nyse: RDC - news - people ) climbed 7.1% to $40.56, after the company said it was pursuing the monetization of its manufacturing unit, LeTrouneau Technologies.
Elsewhere, Halliburton (nyse: HAL - news - people ) fell 0.8% to $38.91, Schlumberger (nyse: SLB - news - people ) gained 0.9% to $86.39, BJ Services (nyse: BJS - news - people ) slipped 0.7% to $28.18, Noble Corp. rallied 2.1% to $49.08 and Transocean (nyse: RIG - news - people ) eased 0.8% to $133.13.
The Oil Services Holdrs was up 0.5% at $174.95, but had been up as much as 3.1% in intraday trading. Of the sector tracking stock's 17 components, 11 were trading higher.
May crude futures were last down $3.63 at $101.99 a barrel, and was down as much as $4.03 at its intraday low of $101.59. Earlier in the session, the May contract was up $1.16 at a high of $106.78 earlier in the session.
Among the OIH's more-active components, Rowan Companies (nyse: RDC - news - people ) climbed 7.1% to $40.56, after the company said it was pursuing the monetization of its manufacturing unit, LeTrouneau Technologies.
Elsewhere, Halliburton (nyse: HAL - news - people ) fell 0.8% to $38.91, Schlumberger (nyse: SLB - news - people ) gained 0.9% to $86.39, BJ Services (nyse: BJS - news - people ) slipped 0.7% to $28.18, Noble Corp. rallied 2.1% to $49.08 and Transocean (nyse: RIG - news - people ) eased 0.8% to $133.13.
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