Crude prices added just short of 1 percent to $112.30 a barrel, climbing ever closer to recent highs. Crude prices have been making fast gains after falling last week on Goldman Sachs’ suggestion to begin profit taking and reports indicating the rising prices were resulting in waning demand. Investors seem to have shrugged the statements off resulting in high activity in energy stocks for the day.
Schlumberger Ltd. (NYSE: SLB) released impressive earnings numbers for the day adding to a strong energy trading session. Shares climbed 2.15 percent to $89.78 in the hours after the company announced a 40 percent rise in income on 56 percent higher revenue.
BP (NYSE:BP) also added over 1 percent on the year-anniversary of the oil rig explosion. The company expressed intentions to begin litigation with Halliburton Co. (NYSE: HAL) and Transocean Ltd. (NYSE: RIG), both of which BP collaborated with on the massive rig which exploded and led to the largest oil spill in U.S. history.
Despite the lawsuit, shares of Halliburton tacked on 1.6 percent for the day. Transocean was slightly lower, falling0.26 percent.
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