01.09.2016 20:11:21
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Oil Service Stocks Under Pressure Amid Drop In Oil Prices
(RTTNews) - Oil service stocks are seeing substantial weakness during trading on Thursday amid a steep drop by the price of crude oil. The Philadelphia Oil Service Index is down by 2.2 percent after hitting a nearly five-month intraday low.
The weakness among oil service stocks comes as the price of crude oil for October delivery has tumbled $1.33 to $43.37 a barrel.
Diamond Offshore (DO) is leading the oil service sector lower after the deepwater drilling contractor said a drilling contract with Petrobras was terminated prematurely.
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