WASHINGTON (dpa-AFX) - Oil service stocks are seeing significant strength in afternoon trading on Wednesday, benefiting from an increase by the price of crude oil. Reflecting the strength in the sector, the Philadelphia Oil Service Index has surged up by 3.6 percent.
The gains by oil service stocks come as crude oil for July delivery is climbing $0.69 to $49.31 a barrel after a report from the Energy Information Administration said crude oil stockpiles fell by 4.2 million barrels last week.
Copyright RTT News/dpa-AFX