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Schlumberger (SLB) Stock Closes Down Amid Slump in Oil Prices

NEW YORK (TheStreet) -- Shares of Schlumberger (SLB - Get Report) closed down by 2.40% to $77.53 on Friday afternoon, as oil prices fell after China's economic slowdown furthered concern about the global supply glut.

Late Friday afternoon, crude oil (WTI) was falling 2.54% to $40.27 per barrel, and Brent crude was down 2.85% to $45.29 per barrel, according to the index.

Earlier today, oil prices in the U.S. dipped to their lowest point since the financial crisis in 2009, as continued uncertainty over China's economic future pushed the commodity's prices into an eighth consecutive week off losses.

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China's factory activity fell to a six-year low today, adding to fears that the world's second-largest oil consumer will be unable to contribute to the much-needed demand for the overabundant commodity, The Wall Street Journal reports.

Schlumberger, based in Houston, Texas, supplies technology, integrated project management and information solutions to the international oil and gas exploration and...