Commodities
Energy Stocks Buck Crude Price Weakness Amid US-Iran Tensions
Energy stocks defied oil price weakness on Thursday, as investors weighed US-Iran tensions against sector-specific signals.
The NYSE Arca Oil Index rose despite West Texas Intermediate (WTI) slipping to $83.71 a barrel, and Brent dropping 1.8% to $89.09.
The Philadelphia Oil Service Sector Index jumped 2.5%, showing that oilfield-services companies can thrive even when crude prices decline.
This is because their results are less dependent on current spot prices and more on producers' drilling and completion budgets over the next few quarters.