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Why Stone Energy (SGY) Stock Is Skyrocketing Today

NEW YORK (TheStreet) -- Stone Energy Corp. (SGY - Get Report) stock is skyrocketing 23.51% to $8.09 in midday trading on Tuesday, as a cut to global oil investments pushes oil prices higher.

About 4.11 million shares of Stone Energy were traded by 1:08 p.m. on Tuesday, well above the company's average trading volume of roughly 2.80 million shares a day.

Global oil investments will be decreased by $130 billion, or 22.4%, to $521 billion in 2015, which will reduce production of the oversupplied commodity and help prices, the chief of the Organization of the Petroleum Exporting Countries said today, according to the Wall Street Journal.

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So far, many OPEC member countries have refused to lower their production in an effort to maintain market share.

Expenditures should fall by 20% this year, "the highest drop in history," and global demand should increase by 1.3 million barrels per day in 2016, Fatih Birol, head of the International Energy Agency, said at the conference, the Journal reports.

"We have reduced the probability of a return to the $37-$38 area per nearby WTI," Jim Ritterbusch of oil consultancy Ritterbusch & Associates told Reuters. "We will maintain a longstanding view that price declines below...