Should Investors Avoid Noble Corp. After Saudi Oil Attacks?
Attacks on Saudi Aramco's Abqaiq oil processing facility over the weekend are playing havoc with global energy markets. Major crude oil benchmarks are up more than 14%, with as much as 5% of the world's oil output now in question as Saudi Aramco determines the extent of the damage and how long it will take to resume processing at one of the world's biggest crude oil processing facilities.
This has many oil stocks gushing higher as well. U.S. oil producer stocks are going ballistic, and for good reason, since many will see an immediate benefit from today's massive gain in oil prices directly on their bottom lines. Many offshore drilling stocks are also surging higher, as energy investors correlate higher oil prices with improved prospects for one of the most beaten-down sectors of the energy market.
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Source Fool.com
