Market/Sector Trends
11/27/2009 11:03 AM ET
(RTTNews) -
Oil service stocks are seeing considerable weakness in late morning trading on Friday, helping to keep the major averages in negative territory following the sell off that was seen at the open.
The weakness among oil service stocks is reflected by the 2.8 percent loss currently being shown by the Philadelphia Oil Service Index. At its low for the session, the index was at its worst intraday level in almost a month, although it has regained some ground since then.
A steep drop by the price of oil is contributing to the weakness in the sector, with crude for January delivery currently down $2.49 at $75.47 a barrel. Earlier in the session, the price of oil fell as low as $72.39 a barrel.
The decrease by the price of oil is partly due to concerns about the impact of the financial crisis in Dubai, where the city-state's main investment arm Dubai World asked to postpone payment on nearly $60 billion in debt.
Among oil service stocks, shares of Halliburton (HAL) have shown a notable decline, falling 3.2 percent. Earlier in the session, Halliburton hit its worst intraday level since mid-October.
Nabors Industries (NBR), Cameron International (CAM), and National Oilwell Varco (NOV) are also posting notable losses, sliding by more than 3 percent each.
by RTT Staff Writer
For comments and feedback: contact editorial@rttnews.com
|
|