Market/Sector Trends
11/9/2009 11:53 AM ET
(RTTNews) -
The resource sector is boosting the broader markets during trading on Monday, with oil service stocks posting notable gains. The gains by oil service stocks come amid a notable increase by the price of crude oil.
The upward moves by oil service stocks have resulted in a 3.3 percent gain by the Philadelphia Oil Service Index. The index is further recouping its losses, moving back towards last month's one-year closing high.
A jump in the price of crude oil for December delivery has contributed to the upward move in the sector, with the price rising to $79.31 a barrel, up $1.89 for the session.
The strength in the price of oil is partly due to a pullback by the value of the dollar, which fell to $1.50 versus the euro and moved toward a 15-month low reached in October. The greenback also dropped to a three-month low against the pound.
The exodus from the world's safe haven currency continues after U.S. Treasury Secretary Tim Geithner said at the G20 Finance Ministers meeting in Scotland that economic stimulus measures must be kept in place until the global economic recovery is secures.
Rowan Cos. (RDC) and Baker Hughes (BHI) are two of the strongest performers in the sector, climbing by 4.8 percent and 4.2 percent, respectively. Despite the strong gains, the stocks remain stuck in recent trading ranges as they recover from last month's losses.
National Oilwell Varco (NOV), Weatherford International (WFT), Cameron International (CAM) and Transocean (RIG) are also on the rise, among others, seeing similar movement off of recent lows.
by RTT Staff Writer
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