WTI crude oil for July delivery was up 3.1% to $60.79 a barrel early Thursday afternoon, and Brent crude oil for July delivery was up 2.7% to $66.81 a barrel.
Oil prices were rising due to lower U.S. crude inventories and the fighting in Iraq, according to Reuters. On Wednesday the Energy Information Administration said U.S. crude oil supplies fell by 2.7 million for the week that ended May 15, marking the third straight week of declines.
Fighting between Iraqi security forces and the Islamic State also helped raised oil prices as it raises concerns about the stability of oil shipments from the country.
SandRidge Energy is an oil and natural gas company that focuses on exploration and production in the Mid-Continent region of the U.S.
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; 1,600 shares; 1.03%; Inflection Point; $8 price target): The company explores for natural gas and oil in the U.S., primarily onshore. The stock dropped 26% this week as management announced a debt-for-stock swap on Thursday. Despite the equity dilution, we maintain the company is better hedged and has relatively less debt than its peers.