NEW YORK (TheStreet) -- Shares of Abraxas Petroleum are up 5.84% to $3.08 in late morning trading Monday, as crude prices bounce back to trade in positive territory despite concerns over the global supply glut. Earlier today, oil prices fell after Saudi Arabia said it was pumping close to a record high of 10 million barrels per day, according to Reuters. Saudi Arabia said that it would consider lowering oil production if other producers outside of the Organization of Petroleum Exporting Countries cut production, Reuters added. Brent crude futures for May delivery was trading up 1.08% to $55.92 a barrel as of 10:54 a.m. ET today, while WTI crude for May delivery was also up 0.86% to $46.97 a barrel. In addition, chairman of FACTS Global Energy warned this morning that global oil prices will likely trade between $35 to $40 dollars per barrel by the end of the second quarter, CNBC reports. San Antonio, TX-based Abraxas Petroleum is an independent energy company engaged in the acquisition, exploitation, development and production of oil and gas in the U.S. and Canada. AXAS data by YCharts Must Read: Warren Buffett's Top 25 Stocks for 2015
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