Crude oil (WTI) is up by 4.50% to $40.19 per barrel and Brent oil is gaining by 2.78% to $41.45 per barrel this afternoon, according to the CNBC.com index.
Oil prices are rising after the Federal Reserve announced that it will maintain interest rates on Wednesday, which caused the dollar to weaken, the Wall Street Journal reports. Oil is less expensive to foreign investors when the greenback declines.
Additionally, investors are increasingly optimistic regarding the commodity, according to the Journal.
"This is a rally based on hope of tightening supply and demand," Gene McGillian, a senior energy analyst at Tradition Energy told the Journal. "The fundamentals aren't driving the market. Expectations are driving the market."
Based in Calgary, Canada, Encana is an exploration and production company focused on natural gas and oil.
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 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: ECA