NEW YORK (TheStreet) -- Chevron (CVX) - Get Report stock is rising 2.54% to $104.21 in afternoon trading on Wednesday following a drop in U.S. crude stockpiles that is supporting higher oil prices.

WTI crude is increasing 4.18% to $49.85 per barrel on the New York Mercantile Exchange, while Brent crude is gaining 4.03% to $50.54 per barrel on the Intercontinental Exchange this afternoon.

Earlier today, the U.S. Energy Information Administration reported a 4.1 million-barrel decline in commercial crude inventories, while analysts surveyed by Reuters were estimating a drawback of about 2.4 million barrels. Total crude inventories were at 526.6 million barrels as of June 24.

Concerns over a potential strike in Norway's oil industry and over Venezuela's crude production are also boosting oil prices, Reuters reports.

Additionally, shares of Chevron are gaining after South Africa offered to acquire some of the San Ramon, CA-based energy company's assets in the country, according to Bloomberg.

State-owned Strategic Fuel Fund showed interest in buying an oil refinery, retail-fuel stations and other assets in or near Cape Town that could be sold for about $1 billion, Bloomberg added.

Separately, Chevron has a "hold" rating and a letter grade of C at TheStreet Ratings because of the company's largely solid financial position with reasonable debt levels by most measures and solid stock price performance, which offsets feeble earnings per share growth, deteriorating net income and poor profit margins.

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

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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