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Oil market trends are setting the foundation for higher crude prices, Schlumberger says

  • Positive oil market trends and declining crude stockpiles are "creating the required foundation" for higher commodity prices, according to Schlumberger CEO Paal Kibsgaard.
  • Financial discipline in the U.S. oil patch, a likely extension of OPEC-led production cuts and underinvestment in future crude output further underpin Kibsgaard's outlook.
  • The world's largest oilfield services company reported third-quarter profits grew 65 percent and revenues jumped 13 percent year over year.

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