Leading oilfield service company Schlumberger (NYSE: SLB) sees better days ahead for the oil industry. The company not only provided strong financial guidance for the year, but the company's CEO also gave a very optimistic forecast at an industry conference.
That fueled a rally in Schlumberger's stock, which surged more than 7% by 2:45 p.m. EDT on Wednesday. It also drove up shares of several other oilfield service companies , including Core Laboratories (NYSE: CLB) , Oceaneering International (NYSE: OII) , Liberty Oilfield Services (NYSE: LBRT) , TechnipFMC (NYSE: FTI) , and Nextier Oilfield Solutions (NYSE: NEX) , which were all up by more than 10% at one point on the day.
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Why These Oil Stocks Are Soaring Today