Crude oil was up 4.31% to $47.46 per barrel while Brent crude was climbing 3.77% to $49.79 per barrel this afternoon.
Earlier today, the U.S. Energy Information Administration reported that U.S. crude stockpiles fell by 14.5 million barrels last week to total 511.6 million barrels.
The drawdown was the largest since January 1999 and soared past analysts' expectations of an increase of 200,000 barrels, Reuters reports.
Additionally, imports into the Gulf Coast were lower last week due to the impact of Tropical Storm Hermine.
Oil prices maintained gains today from earlier this week as speculation over a growing global oversupply began to slow. On Monday, Russia and OPEC producer Saudi Arabia agreed to cooperate on stabilizing the oil market, Reuters reports.
OPEC countries and other producers will meet later this month at the International Energy Forum in Algeria where they are expected to renew talks of an output freeze.
Denbury Resources is a Plano, TX-based independent oil and natural gas company.
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 rated this stock as a "sell" with a ratings score of D-.
The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: DNR