Schlumberger echoes rivals’ oil recovery predictions

NEW YORK: Schlumberger on Friday joined rivals in predicting a steady recovery in the oil industry this year after the world’s top oilfield services provider’s fourth quarter results beat estimates, aided partly by growing drilling demand.
Easing of COVID-19 related restrictions has propelled oil demand and prices, which remain steady since a late-2020 rebound from historic lows. Brent crude, which averaged at $45 per barrel in the last quarter of 2020, hovered around $55 on Friday.