This week, the American Petroleum Institute (API) estimated the inventory draw for crude oil to be 3.670 million barrels which was much higher than the 2.63 million barrels analysts forecasted. This increase in demand has led to a resurgence in crude oil prices, both WTI and Brent made gains on Tuesday.

Independent driller Allied Energy Corp. (OTCMKTS: AGYP) generally performs well when the oil market is up. When oil prices began to spike in the fall, AGYP stock rallied from $0.28 to a high of $0.41. Sitting around support again it could see a similar rally based on yesterday's news. Breaking through $0.30 would be a strong indication of a reversal.

This year, Allied Energy has started pumping oil from 5 wells and is getting close to a sixth well 1-H on its Prometheus leased site in Texas.

They have several projects which you can find ranked on our website:

https://topnewsguide.com/2021/10/21/ranking-agyps-12-exploration-projects/

The Annie Gilmer and Green leases are the two sites that have been most fruitful. All five of the aforementioned wells are located at the two leases. In July, AGYP commissioned Mark McBryde to study each lease. The report stated the Green lease was found to have Proven, Possible and Probable reserves of $20,563,100, and $12,194,800 at the Annie Gilmer lease.

According to the company's Twitter feed, AGYP has started operations at the Prometheus site which has historically produced 335 barrels per day along with 298,000 cubic feet of natural gas daily.

With oil on the rise, AGYP stock should be on your radar.

Learn more about AGYP here:

https://topnewsguide.com/?s=agyp&x=0&y=0

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