Oil and Gas Stock Roundup: Oil Catches Its Breath as Investors Eye Another Storm
Oil prices took a breather this week after rising in each of the past four weeks. During this time, they were pushed up more than 20% from the most recent bottom.
This week, however, the U.S. oil benchmark price, WTI, slipped more than 4%, to close below $50 a barrel, while the global benchmark, Brent, slid about 2%, to finish over $55 a barrel. One of the issues impacting oil prices in the U.S. was the impending landfall of Tropical Storm Nate, which forced oil producers in the Gulf of Mexico to shut down about 15% of the region's production, while several refineries along the coast closed in precaution.
The Nate-related decline in oil prices caused oil stocks to fall across the sector. That said, niche service providers bore the brunt of the impact, according to data from S&P Global Market Intelligence.
Source: Fool.com
