Why Centennial Resource Development Stock Jumped 6.5% in Early Trading Today
Shares of U.S. oil and gas exploration and production company Centennial Resource Development (NASDAQ: CDEV) rose more than 6% out of the gate on Tuesday. They quickly lost around half of that gain, trading with a more modest 3% or so advance at roughly 11 a.m. EDT today. The easy answer for this up and down was the price of oil.
News that trade relations between the United States and China weren't as bad as feared sent oil prices higher in early trading. It would indeed be good news for the global economy if its two largest players found a way to get along at least a little bit better right now. But the early excitement faded and energy prices pulled back. Thus, the rise and fall of Centennial's stock price.
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Source Fool.com
