NEW YORK (TheStreet) -- Shares of SandRidge Energy (SD) - Get Report are up 3.85% to $1.75 in late afternoon trading Wednesday, after WTI crude settled up 3.6% to $49.21 a barrel on a weaker dollar today, according to Reuters.
U.S. durable goods orders data for last month was disappointing, weakening the U.S. dollar. The weaker dollar makes commodities cheaper for holders of other currencies, boosting demand, Reuters added.
Plus, the fighting in Yemen raised worries about the security of oil shipments from the Middle East, Reuters noted.
West Texas Intermediate was up 3.24% to $49.05 a barrel at 3:30 p.m. in New York, while Brent crude was up 2.21% to $56.33 a barrel.
Oklahoma City-based SandRidge Energy is an oil and natural gas company that focuses on exploration and production activities, operating businesses and infrastructure systems.
Insight from TheStreet's Research Team:
SandRidge Energy is a core holding of David Peltier's Stocks Under $10 Portfolio. During the most recent weekly roundup, this is what Peltier had to say about the stock:
The company explores for natural gas and oil in the U.S., primarily onshore. The shares bounced back more than 6% this week, along with the underlying price of oil. We maintain SandRidge is relatively better hedged and has less debt than its competitors.
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