Pyramid Oil sharply down on lower crude, higher inventories
Pyramid Oil Company (AMEX:PDO) dipped 18.2% Wednesday, virtually eliminating the gains it made in Tuesday’s trading. The oil and natural gas producer dropped to $34.01, about $7.59 lower than Tuesday’s close, as the price of crude oil fell and a government report announced U.S. oil inventories rose for the first time in more than a month.
Pyramid reached a 52-week high Tuesday at $46, but the Bakersfield, Calif.-based company's stock has fluctuated rapidly, ranging from $2.19 to $46 in the past year.
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