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BUZZ-Oil services: short squeeze unlikely to last

Reuters - UK Focus

** Oil services stocks dominate top risers for the week on the Stoxx 600 after a sharp rise in crude prices, but fundamentals in the oil market still poor

** WTI up 16.3 pct in two days, its biggest rise since January 2009 as traders rushed to cover short positions

** However, options activity shows surge in spot prices may be fleeting - and with it, performance of oil services stocks up as much as 25 pct for the week

** Most heavily traded contract on Thursday a bearish $40 put, suggesting the rally is not a precursor to a longer recovery

** 7 of the top ten on the Stoxx for the week oil services names. Chart: http://link.reuters.com/baj55w

(RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)