Affecting futures were supply disruptions in Canada, Nigeria and Venezuela. In Canada, wildfires have led oil companies to shut down some operations, slashing output by around 1.2 million barrels of oil per day.
Production in Nigeria dropped as militants launched attacks to cut off oil flows, CNNMoney reports. Similarly, economic crisis in Venezuela have led to supply disruptions.
Additionally, long-time bear Goldman Sachs turned more positive on the saturated oil market, saying it could stabilize near term.
Crude oil (WTI) is jumping 1.13% to $48.26 per barrel and Brent crude is rising 0.9% to $49.41 per barrel.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
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 article's author.
You can view the full analysis from the report here: ECA