Why Schlumberger, Core Laboratories, and National Energy Services Reunited Plunged Today

Shares of oilfield services providers Schlumberger (NYSE: SLB), Core Laboratories (NYSE: CLB), and National Energy Services Reunited (NASDAQ: NESR) were plunging today, down 9.3%, 7.3%, and 9.6%, respectively, as of 1 p.m. ET.

Schlumberger reported its first-quarter results on Friday, but that wasn't the reason for its decline today, as its results were largely positive. Rather, macroeconomic issues overwhelmed company-specific news.

The price of oil plunged about 6% on Monday as of this writing, hurting all oil-related stocks. The culprit, as has been the case in so many areas, was the spread of COVID-19 in China, which has prompted strict lockdowns and fears over more cities implementing the measures taken already in Shanghai. Chinese lockdowns could lead to a decrease in oil demand, so prices fell hard today, below $100 per barrel.

Source Fool.com