Shares of Independence Contract Drilling Inc. (ICD) are gaining more than 16 percent or $0.40 in Wednesday's morning trade at $2.83 despite no specific news that could influence the land-based contract drilling provider's stocks.
Crude oil prices rose sharply on Wednesday morning, extending recent gains, after data from the American Petroleum Institute a sharp weekly drop in stockpiles and as Hurricane Sally shut U.S. offshore oil and gas production.
West Texas Intermediate or WTI crude oil futures for October are up $1.23 or 3.21 percent to $39.51 a barrel.
Independence Contract Drilling has traded in a range of $1.08 to $35.80 in the past 52 weeks.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.