Federal Reserve Chair Janet Yellen's comments yesterday hinted at a slower pace in raising interest rates. Her dovish remarks immediately sent the dollar lower, pushing oil up.
"This year's unusually strong correlation between the stock market and energy futures has been largely inspired by the common support of low to negative rates," said Jim Ritterbusch of Chicago-based energy markets consultancy Ritterbusch & Associates, according to Reuters.
Crude oil (WTI) is retreating by 0.03% to $38.27 per barrel and Brent crude is climbing by 0.15% to $39.20 per barrel.
Also giving futures a lift today was the weekly oil inventory report from the Energy Information Administration (EIA).
Last week, supplies increased by 2.3 million barrels to a total of 534.8 million barrels, which was lower than analysts' forecasts for a 3.3 million barrel build.
Based in Switzerland, Weatherford Int'l. operates as a multinational oilfield service company worldwide.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D.
This is driven by several weaknesses, which we believe 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 we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself.
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' author.
You can view the full analysis from the report here: WFT