BOSTON (Thomson Financial) - The oil services sector was broadly higher
Wednesday, after data showing a drop in crude oil inventories spurred a rebound
in crude oil prices.
The Oil Services Holders ETF (OIH) rose 3.1% to $194.83. The sector tracking
stock was up as much as 3.9% at $196.74 earlier in intraday trading.
Among the OIH's more heavily-weighted components, shares of Transocean Inc.
rallied 5.4% to $138.50, Schlumberger Ltd. jumped 3.7% to $99.91, Baker Hughes
Inc. gained 4.1% to $84.57, and National Oilwell Varco Inc. surged 9.2% to
$81.94.
September crude oil futures were last up 0.21%, or 30 cents, at $122.38 a
barrel, and reached a high of $123.75 a barrel in intraday trading.
Earlier, the Energy Information Administration said crude oil inventories
fell by 100,000 million barrels in the week ended July 25. Analysts had expected
a loss of 1.3 million barrels, according to IFR Markets.
Casey Logan
cl/vj
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