Why Indonesia Energy Shares Are Rising

Shares of small-cap oil company Indonesia Energy Corp Ltd INDO are trading higher by 105.5% at $41.52 on continued momentum. The move higher has occurred despite any company specific-news, though low-float energy stocks have gained amid recent oil volatility.

According to data from Benzinga Pro, Indonesia Energy has a share float of 2.226 million, with 53 million shares having been traded at the time of publication.

Indonesia Energy shares are trading higher by 220% over the past 5 sessions and higher by 814% over the past month amid a rise in oil prices following the Russian invasion of Ukraine, which has caused supply concerns.

Indonesia Energy is an oil and gas exploration and production company focused on Indonesia. The company generates its revenue from oil and gas sales.

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Indonesia Energy has a 52-week high of $49.00 and a 52-week low of $2.61.