Oil prices gained ahead of U.S. inventory data expected to show strong demand for gasoline, according to Reuters.
U.S. crude for August delivery settled up 1% to $61.01 a barrel, while Brent crude gained to settle at $64.50 a barrel.
Gasoline futures surged 2.85% to $2.08, holding above the 50-day moving average.
At last check, WTI crude for August delivery was trading up 1.28% to $61.15 a barrel as of 3:50 p.m. ET, while Brent crude for August delivery was similarly up 2.13% to $64.69 a barrel.
Houston, Texas-based Schlumberger is the supplier of technology, integrated project management and information solutions to the international oil and gas exploration and production industry.
Insight from TheStreet's Research Team:
Schlumberger is a core holding of Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. During the most recent weekly roundup, this is what Jim Cramer, Portfolio Manager & Jack Mohr, Director of Research - Action Alerts PLUS had to say about the stock:
We believe that with the largest oil service platform globally, a dominant international franchise, and the smallest exposure to U.S. land among the diversified competitors (about 15%), Schlumberger is best positioned among the international services names to navigate the current downturn. The company is the clear technology leader in the sector, with a deep reservoir of talent globally, and a well-earned reputation for consistent execution. Given our expectation for a recovery by 2017, we consider SLB to be a core oil service holding in the current environment. Our target remains $105.
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Separately, TheStreet Ratings team rates SCHLUMBERGER LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate SCHLUMBERGER LTD (SLB) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. We feel its strengths outweigh the fact that the company has had somewhat weak growth in earnings per share."
You can view the full analysis from the report here: SLB Ratings Report