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Actionable news in BCEI: BONANZA CREEK ENERGY Inc,

Bonanza Creek Energy (BCEI) Stock Jumps with Oil Prices

NEW YORK (TheStreet) -- Bonanza Creek Energy (BCEI - Get Report) stock is surging by 13.20% to $7.03 on heavy volume in late afternoon trading on Tuesday, as oil prices jump on forecasts for a decline in supplies.

About 5.05 million shares of the energy company were traded by 2:59 p.m. on Tuesday, well above the company's average trading volume of about 3.28 million shares a day.

The Energy Information Administration said that production of U.S. crude decreased by 120,000 barrels per day in September from August, with the U.S. producing 9 million barrels per day last month, the lowest level in a year, the Wall Street Journal reports.

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On a broader scale, OPEC's Secretary-General Abdalla Salem el-Badri said at a conference today that global oil investments will be slashed by $130 billion this year, thereby cutting supply and boosting prices, according to the Journal.

Further, global oil demand is expected to grow by the biggest amount in six years during 2016, which is strengthening hopes that the market's supply glut will diminish more quickly than expected, Reuters reports.

Crude oil (WTI) is gaining by 4.97% to $48.56 per barrel this afternoon, and Brent crude is...


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