Rowan Helps To Lead Oil Service Sector Higher

(RTTNews) - Despite the lack of direction being shown by the broader markets, substantial strength remains visible among oil service stocks. Reflecting the strength in the sector, the Philadelphia Oil Service Index has surged up by 4.6 percent.

Rowan (RDC) has helped to lead the sector higher, with the offshore oil and gas contract drilling services provider jumping by 12.8 percent after reporting better than expected fourth quarter results.

The strength in the oil service sector also comes amid an increase by the price of crude oil, as crude for April delivery is climbing $0.66 to $33.73 a barrel.