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.

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