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Why Oil Service Stocks Are Getting Hammered Today

TheMotleyFool

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Why Oil Service Stocks Are Getting Hammered Today

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).