Crude oil (WTI) is gaining by 2.6% to $31.13 per barrel this morning and Brent crude is popping by 3.15% to $31.46 per barrel, according to the CNBC.com index.
Oil futures are rebounding today on hopes that oil producers would decrease production to relieve the glut that has forced prices to 12-year lows, Reuters reports.
The Organization of Petroleum Exporting Countries (OPEC) is renewing calls to action for rival producers to decrease production along with its members to lessen the global glut.
Adel Abdel Mahdi, Iraq's Oil Minister, said on Tuesday he sees "some flexibility" for an agreement.
Russia is not cooperating as of now and is viewed as crucial to any deal, Reuters noted.
"Without a production agreement, fundamentals point to lower numbers," David Hufton of oil broker PVM told Reuters. "With one, oil becomes a $40-to-$60-a-barrel market."
Continental Resources is an Oklahoma City-based independent 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 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 it covers.
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