Good but not spectacular rebound in OSX today. Action could be better, but could be a whole lot worse. On balance still looks like considerably more upside before before a sustained correction.
Investors gush over oil service stocks
By Debra McGarry, CBS MarketWatch
Last Update: 1:45 PM ET Jun 17, 1999
Movers & Shakers
Movers & Shakers • Stock Discussion • Sector Indexes • Market Snapshot
NEW YORK (CBS.MW) -- Oil service stocks rebounded 1.6 percent Thursday after
investors shrugged off Wednesday's bearish response to an American Petroleum Institute
report that showed crude supplies at their highest levels in two months.
The Philadelphia Oil Service
Index ($OSX: news, msgs)
gained, led by Baker
Hughes (BHI: news, msgs),
which advanced 1/2 to 34 1/16
and Tidewater (TDW: news,
msgs), up 11/16, or 2.5
percent, to 28 1/4.
Crude stocks saw a big supply
rise of 4.365 million barrels,
which brought supplies to
337.3 million -- their highest
level since April.
July crude oil rose 10 cents to $18.04 a barrel after soaring to
$18.72 yesterday. See Futures Movers.
"The bearish API report was too much for the market Wednesday
and now the market is recovering," said Phil Flynn vice president
and senior market analyst at Alaron Trading.
Iraq's break?
Also, a joint British-Dutch proposal to lift all U.N. sanctions
against Iraq was submitted Wednesday, which initially brought
crude oil prices lower. The plan could lead to the suspension of
the oil embargo against Iraq. Russia believes the plan is
unrealistic while the United States backs the deal.
Other components in the petroleum sector gained: Halliburton
(HAL: news, msgs) rose 1 3/16 to 46 15/16; Smith
International (SII: news, msgs) climbed 1 13/16 to 46 1/8; and
Transocean Offshore (RIG: news, msgs) shares added 11/16
to 27 1/16.
Debra McGarry is a reporter for CBS MarketWatch.
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