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Benzinga

Business

Henry Khederian

So What's Going On With Schlumberger Shares Nosediving Today?

NYSE Schlumberger NV Oil Recession

Schlumberger NV (NYSE:SLB) shares are trading lower by 7.80% to $32.87 Tuesday afternoon. Shares of energy companies are trading lower amid a drop in oil prices as investors assess recession concerns. Concerns of an economic slowdown have pressured the demand outlook.

Per CNBC on Tuesday, West Texas Intermediate (WTI) crude is trading below $100 for the first time since May 11. At last check, WTI crude is lower by 8.38% to $99.34.

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