NEW YORK (TheStreet) -- Shares of Oasis Petroleum (OAS) - Get Report are up 6.05% to $14.37 in afternoon trading today as oil prices move higher.

West Texas Intermediate rose 1.81% to $50.49 at 12:40 p.m. in New York. Brent moved higher by 3.09% to $62.05.

Oil prices rose today on concerns about ongoing violence in Libya and expectations that crude-oil stockpile builds could be slowing, the Wall Street Journal reports.

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A global supply glut that has weighed on the industry is getting some support from reported airstrikes in Libya that have led to speculation that the country could stop exporting oil.

Forecasts of less-than-expected supply in U.S. inventory is also helping sentiment.

Data for last week is due out tomorrow, but commodity and energy markets research firm Genscape said yesterday that crude stocks at Cushing, OK, delivery point of the contract, rose by only 1.4 million barrels last week, less than the 2.4 million barrel increase the week before.

Other analysts agree that domestic supply may be slowing.

"The pace of Cushing builds may start to ease in the coming weeks, making the key storage hub less likely to hit maximum capacity," Energy Aspects said, according the Journal.

Separately, the average recommendation of 29 brokers' estimates on the Houston-based exploration and production company's stock is a 2.5, with a 2 rating representing an "outperform" and a 3 a "hold," according to Reuters. The mean price target is $19.

TheStreet Ratings team rates OASIS PETROLEUM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate OASIS PETROLEUM INC (OAS) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, reasonable valuation levels and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and a generally disappointing performance in the stock itself."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Oil, Gas & Consumable Fuels industry. The net income increased by 223.9% when compared to the same quarter one year prior, rising from $54.49 million to $176.50 million.
• The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength within the corporation. In comparison to other companies in the Oil, Gas & Consumable Fuels industry and the overall market on the basis of return on equity, OASIS PETROLEUM INC has underperformed in comparison with the industry average, but has greatly exceeded that of the S&P 500.
• OAS's stock share price has done very poorly compared to where it was a year ago: Despite any rallies, the net result is that it is down by 65.44%, which is also worse that the performance of the S&P 500 Index. Investors have so far failed to pay much attention to the earnings improvements the company has managed to achieve over the last quarter. Naturally, the overall market trend is bound to be a significant factor. However, in one sense, the stock's sharp decline last year is a positive for future investors, making it cheaper (in proportion to its earnings over the past year) than most other stocks in its industry. But due to other concerns, we feel the stock is still not a good buy right now.
• The debt-to-equity ratio of 1.44 is relatively high when compared with the industry average, suggesting a need for better debt level management. Along with this, the company manages to maintain a quick ratio of 0.44, which clearly demonstrates the inability to cover short-term cash needs.
• You can view the full analysis from the report here: OAS Ratings Report