Oil prices gained ahead of U.S. inventory data expected to show strong demand for gasoline, according to Reuters.
U.S. crude for August delivery settled up 1% to $61.01 a barrel, while Brent crude gained to settle at $64.50 a barrel.
Gasoline futures surged 2.85% to $2.08, holding above the 50-day moving average.
At last check, WTI crude for August delivery was trading up 1.21% to $61.11 a barrel as of 4:17 p.m. ET, while Brent crude for August delivery was similarly up 1.91% to $64.55 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 Dave had to say about the stock:
SandRidge Energy (SD; $1.07; 1,600 shares; 0.91%; Inflection Point; $8 price target): The company explores for natural gas and oil in the U.S., primarily onshore. The shares fell fractionally this week. Even so, we continue to believe that SandRidge is better hedged and has relatively less debt that its peers.
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