Oil prices were gaining on comments by the United Arab Emirates energy minister, who said members of OPEC would be willing to cooperate in order to cut oil production, Marketwatch reports. However, some industry experts believe that the global oversupply of oil will continue and it will weigh on prices.
"There is nothing to support the idea that...global growth issues are going to resolve themselves in the near-term," Tim Evans, chief marketing strategist at Long Leaf Trading Group, told Marketwatch. "We believe selling any strong rally is prudent."
Crude oil (WTI) is up by 10.57% to $28.97 per barrel and Brent oil is gaining by 9.05% to $32.78 per barrel, according to the CNBC.com index.
Based in Canada, Gran Tierra is an oil and gas acquisition, exploration, development and production company.
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 feeble growth in its earnings per share, deteriorating net income, 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: GTE