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.