WTI crude is rising 1.35% to $46.68 per barrel, while Brent crude is up 1.72% to $49.64 per barrel this afternoon, according to the CNBC.com index.
U.S. companies took 16 oil rigs out of production this week, bringing the total down to 578, according to Baker Hughes (BHI), Reuters reports.
The rig count has been declining for nine consecutive weeks, with 97 oil rigs being cut in that time.
"Our view of the timing and shape of the recovery remains unchanged with an expectation of a protracted trough followed by a more gradual recovery than recent cycles," Nabors CEO Anthony Petrello said in a statement earlier this week, when the company reported its 2015 third quarter financial results.
After Tuesday's market close, the drilling company reported a loss of 86 cents per share on $812.4 million for the latest quarter, while analysts surveyed by Thomson Reuters had estimated a loss of 14 cents per share on $766.7 million for the third quarter.
Capital expenditures are on track to fall below $900 million this year, more than half of last year's $1.92 million.
Separately, TheStreet Ratings team rates NABORS INDUSTRIES LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
We rate NABORS INDUSTRIES LTD (NBR) a SELL. This is driven by some concerns, 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 deteriorating net income, disappointing return on equity, weak operating cash flow, 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: NBR