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Are Things About To Get Worse For Oilfield Services Stocks?

Wells Fargo’s Judson Bailey and his team are growing more skeptical of oilfield services, downgrading three stocks Friday.

Bailey writes that the move comes on the heels of an “unexpected glut” of global oil amid rising US production. He believes that the US shale is becoming an increasingly disruptive force in the global supply chain, which is raising the odds of a “prolonged stagnation” in oil prices that will hurt energy firms’ spending outlooks over the next few...


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