Energy Sector Roundup: Oil rises after Saudi boost

But many Republicans, analysts and regulators say soaring oil prices are a reflection of macroeconomic factors, including the falling dollar, unrest in the Middle East and increased demand from countries like China and India.

Halliburton Shares Jump After Expro Deal Ends

Halliburton Co. shares raced to a new record high as oil prices climbed and the oilfield service provider walked away from an offer to buy Expro International Group PLC.

The stock rose more than 5 percent at one point in the session, touching a high of $52.84, before moving back to $52.50, up $2.45 in afternoon trading.

The gains came amid a broad-based rally among energy stocks, which drove higher as oil prices continued their advance. Energy traders bought up crude after a weekend oil summit in Saudi Arabia failed to produce any surprise production increases and concerns mounted that output from Nigeria will decline.

Halliburton had raised its all-cash offer to $3.6 billion on Friday, topping a $3.5 billion bid from a private equity consortium led by Candover Group. Its offer was contingent, however, on Expro's delaying meetings to approve the Candover bid--something that Expro did not do, saying that the Halliburton bid was not in the best interest of shareholders.

Wachovia: Petrobras in Rig Contract with Transocean

Wachovia Capital Markets analyst Tim Curran says in a note to investors that Transocean will lease-purchase and manage a newbuild drillship that Brazil's Petrobras is building to use for projects offshore the West African nations of Angola and Nigeria.

Curran says Transocean will run the drillship under a 10-year contract, with an option for a 10-year extension. Transocean will buy the unit for $1 after the lease expires in 20 years.

Curran says a lot of people are surprised Petrobras gave the contract to Transocean instead of a Brazilian company.