NEW YORK (TheStreet) -- West Texas Intermediate slid 3.3% on Thursday, finishing the day below $75 per barrel. Shares of Baker Hughes (BHI) rocketed higher by 15.6% as well, after reports indicated that Halliburton (HAL) is working to take out the company.
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Oil service stocks, like Halliburton and Baker Hughes may have bottomed, even though oil hasn't, Brian Kelly, founder of Brian Kelly Capital, said on CNBC's "Fast Money."
Some high quality oil service stocks are looking attractive, according to Guy Adami, managing director of stockmonster.com. Specifically, he likes Schlumberger (SLB) .
Baker Hughes and Halliburton are "two very fine companies," said Dan Nathan, co-founder and editor of riskreversal.com. However, investors should wait for oil prices to bottom before getting long the sector.
Pete Najarian, co-founder of optionmonster.com and trademonster.com, said oil prices seem poised to move lower. Too many investors are getting margins calls, while oversupply continues to weigh on crude prices.
OPEC, the Organization of Petroleum Exporting Countries, seems split on whether to lower oil prices or lower oil production, according to Anthony Grisanti, president of GRZ Energy. However, oil prices appear to be near a bottom and it would be unlikely for it to break below $70 per barrel.
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