Why KLX Energy Services Stock Is Trading Higher Today

KLX Energy Services Holdings Inc KLXE shares are trading higher Tuesday alongside several other companies in the oil and energy sector amid an increase in the price of oil. 

Oil prices fell to the lowest levels since February on Monday as lockdowns in China in response to surging COVID-19 cases caused demand fears. The oil markets have seen increased volatility since Russia invaded Ukraine.

WTI crude was up 6.76% at $100.67 at last check, while the international benchmark, Brent crude, was up 6.26% at $104.64.

The Labor Department reported an 8.5% increase in the consumer price index last month, representing the highest inflation growth since 1981. Gas prices jumped 18.3% and accounted for more than half the overall rise in costs.

See Also: 'Probability Of Stagflation Is Increasing': Experts React To 8.5% CPI Inflation, Highest Since 1981

KLX is a provider of completion, intervention and production services and products to the onshore oil and gas producing regions of the United States.

KLXE 52-Week Range: $2.94 - $15.55

According to data from Benzinga Pro, the stock was up 14.4% at $5.96 at time of publication.

Photo: jp26jp from Pixabay.

Posted In: why it's movingCommoditiesMarketsMoversTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.