The leading oil service stocks are coming under some selling pressure this morning. The catalyst for the decline in the oil service stocks is due to a decline in the price of light sweet crude oil. If demand for crude starts to decline that will have a negative effect on the leading oil service names. Today the Market Vectors Oil Services ETF (NYSEARCA: OIH) is trading lower by 0.44 cents to $42.03 a share. Short-term traders can watch for intra-day support around the $41.75 and $41.00 levels.
Other oil service stocks that are also declining today include Halliburton Company (NYSE: HAL), Baker Hughes Incorporated (NYSE: BHI), Schlumberger Limited (NYSE: SLB) and Apache Corporation (NYSE: APA). All of these stocks could have further downside on the daily charts in the near term.