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Relative strength bodes well for Anadarko Petroleum, which could produce black gold for investors.
Jim Cramer says a market without breadth is a market not to be trusted.
National Oilwell will own 70% of the joint venture.
The deals with top U.S. companies such as oilfield services firms Schlumberger, Halliburton, Baker Hughes, and Weatherford are part of the Saudi Aramco's push to develop local manufacturing.