NEW YORK (TheStreet) -- Petrobras (PBR) - Get Report stock closed higher by 5.01% to $5.66 on Wednesday as crude oil prices reversed losses from earlier in the day to trade higher.

WTI crude was up 3.61% to $45.03 a barrel as of 4:20 p.m. ET, while Brent crude was also up 5.68% to $56.55 a barrel.

“Oil prices jumped more than 5 percent on Wednesday as the dollar fell after the Federal Reserve indicated it preferred a more gradual path to normalizing U.S. interest rates despite being open to the first rate hike in almost a decade,” CNBC reports.

In addition, financial market participants said that Brazil's government is likely to step in to protect the oil giant's creditors involved in the corruption scandal; however, many believe that Petrobras has sufficient resources to repair its balance sheet on its own.

Furthermore, several analysts told TheStreet's Dan Freed that they believe the Brazilian government would step in to save Petrobras from bankruptcy if necessary.

The Brazilian state-run oil company has not released its fully audited third-quarter financial statements yet. If it fails to do so by approximately June 29, then Petrobras will have to negotiate with creditors to avoid accelerating debt payments of approximately $57 billion, according to a February 26 report by J.P. Morgan.   

Insight from TheStreet's Research Team:

Tim Melvin commented on Petrobras in a recent post on RealMoney.com. Here is what Melvin had to say about the stock:

This year's report highlights Brazil and some of the opportunities that may be available in that troubled nation. I have held some Brazilian stocks for a couple of years now and it has been a bumpy, unpleasant journey so far. Over my holding period, we have gone from "this looks like maximum pessimism" to "maybe they will vote her out and jumpstart things" to "you have got to be kidding me." We have seen widespread corruption involving Petrobras, continued weakness in the economy and, just this weekend, protestors taking to the streets to demand the impeachment of the president the country just reelected. Brazil is a mess and it's not getting better anytime soon.

-Time Melvin, 'Prospecting in 2 Troubled Economies,' originally published on 3/18/2015 on RealMoney.com

Want more information like this from Tim Melvin BEFORE your stock moves?Learn more about Real Money now.

Separately, TheStreet Ratings team rates PETROBRAS-PETROLEO BRASILIER as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

"We rate PETROBRAS-PETROLEO BRASILIER (PBR) 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 revenue growth, largely solid financial position with reasonable debt levels by most measures and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and poor profit margins."

You can view the full analysis from the report here: PBR Ratings Report