Shares of Schlumberger Ltd. (NYSE:SLB) closed up Tuesday as oil prices moved up again, as Goldman Sachs (NYSE:GS) and others up their outlook for crude prices.
Light sweet crude oil for July delivery was up $1.89 to settle at $99.59 a barrel. Brent crude oil for July delivery rose $2.35 to $112.45 a barrel.
Another factor was the weakening dollar again, as the euro increased 0.5 percent at $1.4113, bolstering its buying power for oil.
Goldman increased it estimate for Brent crude from $105 to $120 a barrel for 2011, and for 2012 Goldman raised it from $120 to $140 a barrel.
Schlumberger Ltd. (SLB), which supplies technology, integrated project management, and information solutions to the oil and gas industry around the world, closed Tuesday at $83.28, gaining $1.20, or 1.46 percent.
An ex-dividend is coming on May 27, 2011 for shareholder. Schlumberger pays a quarterly dividend of $0.25, with a yield of about 1.19 percent.
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