Crude oil (WTI) is up by 2.86% to $33.07 per barrel and Brent oil is gaining by 2.32% to $35.21 per barrel this afternoon, according to the CNBC.com index.
Oil prices are advancing after Venezuelan Oil Minister Eulogio Del Pino said the country would attend a meeting with representatives from Russia, Saudi Arabia and Qatar in March, the Wall Street Journal reports. Oil prices are rising on hopes that the countries may institute a cut to oil production.
Earlier this week, oil prices fell after Saudi Arabian Oil Minister Ali al-Naimi said the country would not cut oil production, according to the Journal.
"The market's very well-supplied here," Bob Yawger, director of the futures division at Mizuho Securities USA, told the Journal. "It's almost to the point where it's worst-case scenario. Storage at Cushing is becoming a bit more dire than it has been in recent history."
Based in Oklahoma City, Devon is an exploration and production company focused on oil, natural gas and natural gas liquids.
Separately, 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.
TheStreet Ratings rates this stock as a "sell" with a ratings score of D. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally high debt management risk, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
You can view the full analysis from the report here: DVN