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NEW YORK (TheStreet) -- BP (BP) stock is up by 1.71% to $30.87 in early afternoon trading on Wednesday, after oil prices rose despite data showing a build-up in domestic crude inventories.

WTI crude is rising by 0.81% to $38.59 per barrel on the New York Mercantile Exchange, while Brent crude is increasing by 1.12% to $39.58 per barrel on the Intercontinental Exchange this afternoon.

U.S. commercial crude stockpiles gained by 2.3 million barrels of oil last week, bringing total inventories to 534.8 million barrels, according to the U.S. Energy Information Administration.

Domestic crude oil production declined slightly to an average of 9.02 million barrels per day for the week ended March 25, compared with 9.04 million barrels per day for the previous week.

Oil prices are also rising after the International Energy Agency said Iran will add less oil to the global market than expected, Reuters reports.

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Additionally, London-based BP, an oil and gas company, signed agreement with Kuwait Petroleum Corp., a state-owned oil and gas company, to explore potential joint investments and oil and gas projects in Kuwait and globally.

Separately, BP has a "hold" rating and a letter grade of C at TheStreet Ratings because of the company's strengths, such as increase in net income, growth in earnings per share and largely solid financial position with reasonable debt levels by most measures, and its weaknesses, including disappointing return on equity, generally disappointing stock performance and weak operating cash flow.

You can view the full analysis from the report here: BP

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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