Inventories of products such as heating oil dropped by more than 4 million barrels, according to data from the Energy Information Administration, which topped expectations of an increase of almost 2 million, Reuters reports.
Colder weather swept across the U.S. last week, so analysts said the jump in oil prices may not last.
Additionally, the EIA said crude inventories swelled by 8.4 million barrels last week, bringing the total to a record high of 494.9 million barrels. However, this was below the 11.4 million barrels the American Petroleum Institute reported on Tuesday afternoon.
Crude Oil (WTI) is rising by 2.29% to $32.17 per barrel this afternoon and Brent crude is spiking by 3.52% to $32.92 per barrel.
Continental Resources is an Oklahoma City-based crude oil and natural gas exploration and production company.
Separately, TheStreet Ratings Team has a "sell" rating with a score of D+ on the stock.
This is driven by several weaknesses, which 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 covered by the team.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
Recently, 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.
You can view the full analysis from the report here: CLR