Why Schlumberger (SLB) Stock Is Rising Today

Schlumberger NV SLB shares are trading higher by 4.02% to $51.08 Tuesday afternoon. Shares of companies in the broader energy sector are trading higher as oil prices increase. The reopening of China and lighter-than-expected US CPI data have lifted demand sentiment while the shutting of the Keystone pipeline has pressured supply.

What's Happening?

Oil prices also saw strength during Monday's trading session. The surge in the price of oil is likely a ripple effect of the recent G7 price cap on Russian oil, as well as last week's Keystone pipeline oil spill.

Per a report by CNBC, the Keystone Pipline failure occurred last Wednesday nearby Washington, Kansas. Experts say an estimated 14,000 barrels of crude, or 588,000 gallons of a form of crude known as tar sands oil, into a nearby natural waterway.

NBC says the Biden administration has ordered the closure of the pipeline until the situation can be remedied.

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According to data from Benzinga Pro, SLB has a 52-week high of $56.04 and a 52-week low of $27.65.