Crude oil (WTI) was advancing 2.69% to $41.81 per barrel and Brent crude was increasing 2.55% to $44.20 per barrel this afternoon.
This marks the second consecutive day of gains for crude after data showed a substantial decline in U.S. gasoline inventories, Reuters reports.
Market intelligence firm Genscape said that stockpiles at the Cushing, OK delivery hub for U.S. crude futures slid by 89,071 barrels during the week to August 2.
The drawdown helped ease investor fears of a global oil glut.
Additionally, Carrizo Oil & Gas reported mixed results for the 2016 second quarter earlier today.
The Houston-based energy company posted earnings of 29 cents per share on revenue of $107.3 million. Analysts were looking for earnings of 13 cents per share on revenues of $119.7 million.
Separately, 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 articles's author.
TheStreet Ratings team rates Carrizo Oil & Gas as a Sell with a ratings score of D. This is driven by several weaknesses, which the team believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks the team covers.
You can view the full analysis from the report here: CRZO