Surging Oil Price Positively Affects Halliburton’s Revenue, Here is Why

Crude oil prices slowly climb to $50 line while OPEC+ meetings usually come to mutually agreed volume of mining but political issues normally change the whole market situation. As petrol becomes less demanded fuel in developed markets due to EV’s invasion the energy companies face revenue shrinking.

For the short term, Halliburton’s services could be in high demand because of emerging oil and gas corporations. However, big competitors may take valuable pie from the market share.

New requests or orders could affect NYSE: HAL shortly unless news does not reach PR agencies on time. Major lockdown isn’t coming as COVID-19 safety measures will slowly become normal to the large public.

So, businesses will not stop operating despite COVID-19’s second wave which might continue till this fall. Therefore, oil prices may not fall again unlike the initial days of the pandemic tanked them severely.