Oil prices poised to rise as market trends improve, Schlumberger boss says

© Reuters. Oil prices poised to rise as market trends improve, Schlumberger boss says Positive trends taking shape in the oil market are setting the foundation for higher crude prices, according to Paal Kibsgaard, Chairman and CEO of Schlumberger (NYSE:SLB), the world’s largest publicly traded oilfield services firm. Kibsgaard says the prospect for rising oil prices has been bolstered by falling crude stockpiles around the world, financial discipline in the U.S. oil patch, a likely extension of OPEC-led production cuts and underinvestment in future crude output – all of which raise the odds that the market will swing to undersupply in the medium term. But SLB’s own outlook seems a bit shakier, as North America is the only region currently providing high and sustained growth for the company, which may bode well for main rival Halliburton (NYSE:HAL), whose results are due on Monday morning; HAL has long had higher exposure to the North American market relative to SLB, and the difference has widened further this year. ETFs: USO, XLE, OIL, UWT, UCO, VDE, DWT, ERX, SCO, OIH, BNO, DBO, ERY, DIG, DTO, BGR, XES, USL, FENY, DUG, IYE, FIF, DNO, IEZ, OLO, RYE, SZO, PXJ, FXN, OLEM, CRAK, DDG, NANR, OILK, WTIU, OILX, WTID, USOI, JHME, ERYY, FTXN, ERGF Now read: Paradigm Shift – Energy Stocks Are On The Cusp Of A Multi-Year Bull Trend Original article

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