Camber Energy (NYSEAMERICAN:CEI) stock is rising higher on Thursday as a broader rise in oil stocks pushes the company’s shares higher.
There’s no specific news coming from Camber Energy that’s behind the increase in its stock today. Instead, crude oil prices recovering after a recent slump is what investors have to thank for the gains today.
With crude oil prices on the rise, more investors are taking an interest in CEI stock today. That’s leading to heavy trading of the company’s stock. As of this writing, more than 72 million shares of CEI have changed hands as of this writing. That’s already above the company’s daily average trading volume of about 62 million shares.
It’s also worth noting that the jump in oil stocks today comes alongside news concerning Occidental Petroleum (NYSE:OXY) stock. Berkshire Hathaway (NYSE:BRK.A,BRK.B) increased its stake in the company, which has it now holding 136.4 million shares with a value of over $7 billion.
Investors should note that oil stocks have been seeing volatility recently alongside the price of crude oil. That initially started when Russia invaded Ukraine a couple of weeks back. The jump was due to concerns that sanctions against Russia would reduce oil shipments to the U.S.
Prices of oil shot up incredibly fast, which also pushed gas prices in the U.S. to above $4 per gallon on average. However, a quick drop after that saw oil enter a bear market, which happens with a 20% or greater drop from a recent high.
CEI stock is up 13.9% as of Thursday afternoon.
Investors looking for more stock market news today will want to keep reading!
We’ve got all the hottest stock market news that traders need to know about today! Among that is what’s happening with the stock market today, as well as what to know about the recent interest rate hike from the Federal Reserve. You can get up to speed on all of this news by checking out the links below!
More Stock Market News for Thursday
- Midday Market Update: Why Are Stocks Up Today?
- What Is a Fed Rate Hike?
- What Do Fed Rate Hikes Mean for the Stock Market?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.