Why SLB Stock Slumped Today
It wasn't a banner day for oilfield services companies.
Overview
SLB (NYSE: SLB), the sprawling global oilfield services company, didn't have a great day on the U.S. stock market as the trading week began. The recent closure of a major oil pipeline in the Middle East rattled investors, as did an analyst's report on the likely harmful effects on sector stocks with high exposure to the region. As a result, SLB's shares fell by nearly 5% that trading session.
On Friday, the government of Saudi Arabia announced it had shut down the East-West pipeline, a major conduit for crude oil in its region. This was in the face of drone attacks coming from Iraq, according to government officials cited by Reuters. As of late Monday afternoon, the pipeline was still shut.
Image source: Getty Images.
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Originally published at www.fool.com.
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