Stock Alert: Extraction Oil & Gas Jumps 140%

(RTTNews) - Shares of Extraction Oil & Gas, Inc. (XOG) surged nearly 140% on Monday. XOG is currently trading at $1.02, up $0.595 or 139.77%, in the after-hours trade.

The US stocks are currently on the rise on Monday, building up on last week's strong growth on optimism over the economy reopening.

Energy stocks jumped on Monday after the Organization of Petroleum Exporting Countries (OPEC) and its allies on Saturday agreed to extend oil production cuts by one month.

Saudi Arabia-led OPEC and Russia-led non-OPEC had earlier on April 12 agreed to cut oil production by 9.7 million barrels per day (bpd) from May 1 to June 30 to offset low demand of oil due to coronavirus pandemic. The 23-member group known as OPEC+ agreed on Saturday to extend the period of the agreement by one more month until the end of July 31.