Shares of Houston, Texas-based U.S. Energy Corp. (USEG) are surging almost 36 percent or $1.80 in Wednesday’s morning trade at $6.81 despite no company-specific news influencing the stock.
U.S. stocks opened little changed on Wednesday as worries about rising tensions between the U.S. and China were offset by news that the U.S. government placed an initial order for 100 million doses of the COVID-19 vaccine candidate jointly developed by Pfizer and BioNTech for $1.95 billion. The U.S. can acquire up to 500 million additional doses under the deal.
Crude oil prices declined on Wednesday after hitting a four-month high in the previous session. West Texas Intermediate or WTI crude futures were down $0.62 or 1.48 percent at $41.30 a barrel on Wednesday, after rising about 2.8 percent to $41.96 a barrel on Tuesday.
U.S. Energy has traded in a range of $1.40 to $9.00 in the past 52 weeks.
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