Schlumberger (SLB) Stock Closed Down Amid Lower Oil Demand in China

NEW YORK (TheStreet) -- Shares of Schlumberger (SLB) ended Monday's regular session down 0.91% to $89.35 after U.S. and WTI crude both settled in the red due to a slump in Chinese demand, according to Reuters.

In May, China purchased 25% less crude oil compared to the previous month. China is the world's top net oil importer, Reuters noted.

Also, oil prices fell amid concerns over the Organization of the Petroleum Exporting Countries' decision to pump without restraint, Reuters added.

On Friday, OPEC said it plans to keep its production target of 30 million barrels per day.

U.S. crude finished the day down 1.67% to $58.14 a barrel, while Brent closed at $62.90 a barrel.

U.S. crude for July delivery was lower by 1.35% to $58.33 a barrel as of 3:51 p.m. ET today, while Brent crude for July delivery was lower by 0.74% to $62.84 a barrel.

Houston-based Schlumberger is the supplier of technology, integrated project management and information solutions to the international oil and gas exploration and production industry.

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 a few notable 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."

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