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Stock Beat: Halliburton Pulls Back as Crude Oil Prices Fall

Investing.com

Investing.com – Halliburton (NYSE:HAL) was giving back a big chunk of its Monday gains on Tuesday as oil prices moved lower on reports Saudi Arabia will be able to restore most of the production at facilities attacked Saturday by drones fairly quickly.

Halliburton, one of the biggest oil-services companies, was off 4.3% at 1:10 p.m. ET, and a host of other oil stocks moved lower as well.

News reports said Saudi Arabia had been able to restore 70% of production at its Abqaid processing facility. West Texas Intermediate crude was off $3, or 5%, to $59.90. WTI had jumped 14.7% to $62.90 a barrel on Monday. Halliburton (NYSE:HAL) shares are down more than 18% this year.

Halliburton shares jumped nearly 11% Monday as investors reacted to the drone attacks. The U.S. has claimed the attacks came from Iran.

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