On Wednesday, SeaDrill Limited (NYSE:SDRL)’s shares surged 8.35% to $12.59, after oil prices climbed.
Oil prices continued their rally from Tuesday as the data released by the government showed a smaller-than-predictable raise in crude oil stockpiles in the U.S. in the latest week.
The U.S. Energy Information Administration said crude oil stockpiles climbed 1.3 million barrels to 483.7 million barrels in the week ended April 10. Analysts surveyed by the Wall Street Journal had predictable a rise of 3.6 million barrels.
Still, stockpiles remain at their highest level in about 80 years, according to the EIA.
Seadrill Limited, an offshore drilling contractor, provides offshore drilling services to the oil and gas industry worldwide. The company operates in three segments: Floaters, Jack-up Rigs, and Tender Rigs. The Floaters segment offers services, such as drilling, completion, and maintenance of offshore exploration and production wells under contracts regarding semi-submersible rigs and drillships for harsh and benign environments in mid, deep, and ultra-deep waters.
IGI, Laboratories, Inc. (NYSEMKT:IG)’s shares gained 8.28% to $9.15, during the last trading session on Wednesday.
IGI, Laboratories, presented at the 14th Annual Needham Healthcare Conference. The Conference took place on April 14-15, 2015, at The Westin Grand Central Hotel in New York, NY. Jenniffer Collins, Chief Financial Officer of IGI Laboratories, Inc., presented on Tuesday, April 14, 2015.
IGI Laboratories, Inc., a specialty generic pharmaceutical company, develops, manufactures, and markets topical formulations in the United States. It sells generic pharmaceutical products in topical, injectable, complex, and ophthalmic dosage forms under IGI label.
At the end of Wednesday’s trade, Petróleo Brasileiro S.A., (NYSE:PBR)’s shares gained 8.27% to $8.90, after police arrested the treasurer of the ruling Workers’ Party.
The arrest brings a corruption and bribery scandal that has plagued Petrobras for months right to the doorstep of President Dilma Rousseff. The Workers’ Party has been accused of receiving as much as $200 million in kickbacks in a period of about a decade through 2013.
Public prosecutor Carlos Lima told reporters in Curitiba that police had arrested Joao Vaccari Neto in connection with a probe into money laundering and illegal donations to the Workers’ Party, or PT, according to Bloomberg.
Petróleo Brasileiro S.A. Petrobras operates as an integrated oil and gas company in Brazil and internationally. Its Exploration and Production segment is engaged in the exploration, development, and production of crude oil, natural gas liquids, and natural gas; sale and transfer of crude oil in domestic and foreign markets; and sale of oil products produced at natural gas processing plants.
Finally, Energy XXI Ltd. (NASDAQ:EXXI), ended its Wednesday’s trading session with 8.13% gain, and closed at $4.52, as some energy stocks jump yesterday due to the rally in oil prices.
The commodity was extending Tuesday’s gains after data from the Energy Information Administration showed that crude oil stockpiles grew by 1.3 million barrels to 483.7 million barrels in the week ended April 10, less than the 3.6 million barrel raise analysts polled by the Wall Street Journal had forecast.
Also adding to the rising price of oil is uncertainty in the Middle East, where top oil exporter Saudi Arabia is involved in the fighting going on in Yemen, Reuters reports, adding that a Saudi-led campaign of airstrikes threatened to turn into ground intervention following military maneuver discussions between Saudi Arabia, Egypt and other Gulf allies.
Energy XXI (Bermuda) Limited is engaged in the acquisition, exploration, development, production, and operation of oil and natural gas properties onshore in Louisiana and Texas, and on the Gulf of Mexico.
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