Stock Alert: Independence Contract Drilling Surges 95%

(RTTNews) - Shares of Independence Contract Drilling, Inc. (ICD) are surging more than 95 percent in Monday's trading at $12.19 despite the absence of any stock-specific news. The stock has traded in a range of $1.08 to $64.40 in the past 52 weeks.

Houston, Texas-based Independence Contract Drilling provides land-based contract drilling services for oil and natural gas producers in the U.S.

On Monday, U.S. stocks are lower amid lingering concerns about the economic impact of the coronavirus pandemic and following the strong gains last week. The number of daily deaths from the coronavirus in the U.S. reached a record high of more than 2,000 on Friday.

Meanwhile, crude oil prices are rising on Monday after OPEC and its allies, known as OPEC+, agreed on Sunday to cut oil production by a record 9.7 billion barrels per day or bpd. The deal, which begins on May 1 and lasts for two years, could see global oil supplies cut by as much as 20 million barrels per day - around 20 percent of global supply, Kuwait's oil minister said.

West Texas Intermediate or WTI crude oil futures are currently rising 3.73 percent to $23.61 a barrel.