Stock Alert: Scorpio Tankers Up 7% On Lower Crude Prices

(RTTNews) - Shares of Scorpio Tankers Inc. (STNG) are currently up 7% on Tuesday morning, as oil tanker stocks continue yesterday's momentum driven by rock-bottom oil prices.

STNG is currently trading at $24.97, up $1.59 or 6.78%, on the Nasdaq.

Most of oil shipping companies' stocks are seeing strong gains since yesterday as the oil price touched the bottom.

Lower oil prices lead to increased demand for the commodity as most oil companies would try to stock it up. Oil demand could see an increase in demand after various restrictions enforced around the world to curb COVID-19 would be lifted after the pandemic ends.