Eoin Treacy's view

Here is a link to the full report.

The US Oil Service Sector is now in the top 8 markets with the lowest P/Es in the world. An almost 50% decline since July has improved valuations but it remains to be seen whether the January lows hold. We will need evidence of a higher reaction low before concluding demand is returning to dominance. 

The fact that oil’s rebound has trailed off in terms of its urgency suggests that the potential for a retest of the low has increased. 

Please note: All data quoted above originates in Bloomberg. We realise that some of the data displayed is inaccurate for some indices, particularly where ADRs are included. However, I have endeavoured to remove the most problematic indices. We publish these tables because the data is generally accurate and going forward we will continue to weed-out the less reliable data sets as subscribers highlight them for us. The P/Es quoted by Bloomberg are exclusively based on operating earnings.)