Sector movers: Oil services stocks jump as crude rises

9th Feb 2012 16:05

Oil equipment, services and distribution stocks were on the rise today, tracking oil prices higher.Brent crude was up 0.47% at $117.75 in mid-afternoon trade on the IntercontinentalExchange on news that Greek leaders have finally reached an agreement over austerity measures. While many say that the markets had priced in a deal for some time now, it has undoubtedly come as a relief and a catalyst to oil prices.According to a statement from Prime Minister Lucas Papademos's office, "the government's discussions with the troika were concluded successfully this morning on the issue which had remained open for further elaboration. The political leaders have agreed on the result of these discussions."Prices were given an extra lift a bigger-than-expected fall in US jobless claims. Initial unemployment claims fell by 15,000 to 358,000 last week, while consensus estimates were for a figure of 370,000.Petrofac, AMEC, Wood Group, Lamprell and KBC Advanced Technologies were among the best performers in the sector today.A bullish statement by oil and gas giant BG Group on the outlook for the liquefied natural gas (LNG) market may have also done its bit to boost sentiment in the oil services sector.BCTop performing sectors so far todayOil Equipment, Services & Distribution 24,929.47 +1.83%Electronic & Electrical Equipment 3,244.34 +1.80%General Industrials 3,044.45 +1.71%Insurance (non-life) 1,444.81 +1.31%Forestry & Paper 5,789.61 +1.03%Bottom performing sectors so far todayIndustrial Metals & Mining 4,925.77 -1.97%Food & Drug Retailers 4,004.73 -1.14%Health Care Equipment & Services 3,564.75 -0.77%Mining 22,959.97 -0.77%Gas, Water & Multiutilities 4,680.47 -0.76%