Oil Price Updated on

The world’s two largest providers of oilfield drilling and fracking services have now declared that the worst may be over in the two-year-old oil market crash.

Schlumberger Ltd. said Thursday that the oil industry appears to have reached the bottom of the cycle, echoing smaller rival Halliburton Co., which on Wednesday said the North American market reached its lowest point in the second quarter and is poised for modest growth the rest of this year.

“They’re the two dominant players in the market, both of whom just called the bottom,” James West, an analyst at Evercore-ISI in New York, said Thursday in an interview. “It’s a positive. Calling the bottom in the market sends the right signal and Schlumberger has a ton of credibility.”

 As the downturn dragged on, executives at the world’s largest oilfield services provider have had to push back their expectations for an improvement in drilling and fracking work, with crude prices remaining more than 50 percent lower than their peak in 2014.

Surprise Loss