Oil prices tumbled again today as they continue to bounce around following the collapse of an oil market support agreement between Russia and OPEC. WTI, the U.S. benchmark, fell nearly 5% by 3:15 p.m. EST on Wednesday, pressured in part by OPEC's forecast that oil demand won't grow this year because of the COVID-19 outbreak.
That slump in oil prices weighed on most oil stocks today, including oil-field service companies. Several tumbled more than 10%, led by Core Labs (NYSE: CLB), TechnipFMC (NYSE: FTI), Nabors Industries (NYSE: NBR), NexTier Oilfield Solutions (NYSE: NEX), and Patterson-UTI Energy (NASDAQ: PTEN).
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Source: Motley Fool
(March 11, 2020 - 4:42 PM EDT)
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