Shares of Independence Contract Drilling Inc. (ICD) are gaining more than 16 percent or $0.40 in Wednesday’s morning trade at $2.83 despite no specific news that could influence the land-based contract drilling provider’s stocks.
Crude oil prices rose sharply on Wednesday morning, extending recent gains, after data from the American Petroleum Institute a sharp weekly drop in stockpiles and as Hurricane Sally shut U.S. offshore oil and gas production.
West Texas Intermediate or WTI crude oil futures for October are up $1.23 or 3.21 percent to $39.51 a barrel.
Independence Contract Drilling has traded in a range of $1.08 to $35.80 in the past 52 weeks.
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