Crude oil (WTI) is up by 1.62% to $49.41 per barrel and Brent crude is climbing by 1.97% to $49.57 per barrel, CNBC reports.
The end to the U.S. oil supply glut, supply outages in countries such as Nigeria and worldwide oil worker strikes are likely to keep the price of oil on the rise, Citigroup tells CNBC.
Citigroup believes "the worst is over" for oil prices, which fell as far as $26 per barrel in early 2016, from $114 per barrel in 2014 due to the supply glut and outpace of demand. Analysts predict Brent oil may rise to $65 per barrel next year, according to CNBC.
Separately, TheStreet Ratings rated Freeport-McMoRan as a "sell" with a score of D.
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 has this to say about the recommendation:
This is driven by some concerns, which TheStreet Ratings 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 that are covered.
The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, 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: FCX