Why Schlumberger Stock Surged 15.8% in May
Shares of Schlumberger (NYSE: SLB) surged 15.8% in May, according to data provided by S&P Global Market Intelligence. Fueling the oil stock was the continued improvement in oil prices. That's making analysts increasingly optimistic about what's ahead for the company.
Brent, the global oil price benchmark, finished May near $70 a barrel. Dual catalysts pushed crude prices higher. First, demand is steadily improving as vaccines roll out, enabling the global economy to get back to normal. Meanwhile, OPEC and its partners continue holding back supply, allowing the economy to burn off excess inventory.
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Source Fool.com