Why Schlumberger Stock Rallied Nearly 11% in November
Shares of Schlumberger (NYSE: SLB) jumped 10.7% in November, according to data provided by S&P Global Market Intelligence. Rising oil prices and a couple of analyst upgrades helped drive up the shares of the energy company last month.
The price of crude oil rallied in November, which buoyed oil-related stocks. Overall, the global oil benchmark, Brent, rose 3.7% for the month, enjoying its biggest gain since April. One of the factors driving up the price of crude for much of the month was optimism that OPEC would extend its production reduction agreement. That pledge has helped bolster the price of oil in recent years, which has given oil companies the confidence to approve new projects, providing additional work for service companies like Schlumberger.
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