Camber Energy Inc CEI, Indonesia Energy Corp Ltd INDO and Imperial Petroleum Inc IMPP shares are all trading lower Tuesday, possibly on profit taking, amid continued volatility spawned by an increase in the price of oil.
Shares of smallcap oil penny stocks have seen marked volatility on heavy volume due in recent sessions due to supply concerns. Energy names have been volatile amid the Russia-Ukraine conflict, which has lifted oil and gas prices due to supply concerns.
The Russia-Ukraine conflict has caused volatility in the broader market and put pressure on some countries to become less dependent on Russian gas. The United States today announced a ban on Russian oil, natural gas and coal imports.
The cost of a barrel of crude oil hit an intraday high and 13-year high of $129.00 Tuesday morning and is trading around $128.00 at the time of publication.
Camber Energy is trading lower by 1.2% at $1.26.
Indonesia Energy is trading lower by 34.1% at $40.53.
Imperial Petroleum is trading lower by 30.0% at $5.25.
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