Schlumberger (SLB) ($72.69 vs $59.67 on 06/27) still has a Buy rating, with an elevated P/E ratio and has been above its 200-day SMA at $70.90 since July 26.
In sum, the price of crude oil remains in a tug-of-war between commodity speculation in anticipation of QE3, and weak demand due to the global economic slowdown with crude oil on the cusp of its 200-day simple moving average at $96.61.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
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