MARKET TALK: Oil Service Cos Down After Drilling Ban Lifted

22nd Jun 2010 20:42

3:42 (Dow Jones) Philadelphia Oil Service Index (OSX) for the 15 largest oil service companies down 3.1% to 176.28 after a federal judge lifted the deepwater drilling moratorium. The stock of some of the index's largest components, such as Halliburton (HAL), Transocean (RIG) and Schlumberger (SLB), were more than 2% down. Investors sold shares because they are not sure the decision will be the last word, as appeals from the Obama administration are expected, says Phil Weiss, analyst at Argus Research. "The ruling increases the uncertainties," Weiss says. ([email protected]) Call us at (212) 416-2184 or email [email protected] Visit the Market Talk blog at http://www.djnmarkettalk.com (END) Dow Jones Newswires June 22, 2010 15:42 ET (19:42 GMT)