NEW YORK (TheStreet) -- Petrobras (PBR.A) stock is advancing 9.05% to $2.23 in afternoon trading on Wednesday after oil prices jumped.

WTI crude is increasing 1.75% to $32 per barrel on the New York Mercantile Exchange, while Brent crude is gaining 2.96% to $32.74 per barrel on the Intercontinental Exchange this afternoon.

Oil prices are rising because the Russian energy ministry said the country's oil companies discussed possibly cooperating with OPEC to reduce global production amid a growing surplus, Reuters reports.

Higher domestic demand for petroleum products is also boosting oil prices today. U.S. data showed distillate inventories fell by more than four million barrels last week, Reuters added.

Additionally, A Brazilian court blocked a plan from Petrobras, a Brazil-based state-run energy company, to sell a 40% stake in its natural gas business to Mitsui & Co. (MITSY) for $469 million, Reuters noted.

Separately, Petrobras has a "sell" rating and a letter grade of D at TheStreet Ratings because of the company's disappointing return on equity, weak operating cash flow, disappointing stock performance and high debt management risk.

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