NEW YORK (TheStreet) -- Shares of Oasis Petroleum (OAS) - Get Report are climbing 5.49% to $10.19 in early afternoon trading on Wednesday as oil prices advance.

Crude oil (WTI) is increasing 0.64% to $48.93 per barrel this afternoon and Brent crude is rallying 1.19% to $49.19 per barrel, according to the index.

Oil prices are gaining today after U.S. government data showed a bigger-than-expected decline in crude stockpiles, but profit-taking kept prices below $50 per barrel, Reuters reports.

The Energy Information Administration (EIA) said crude inventories dropped 4.2 million barrels last week, which was larger than the 2.5 million barrels expected by analysts polled by Reuters.

But the decline was not as much as the 5.1 million drop projected by trade group American Petroleum Institute.

"While we do feel the rally could go slightly further and test the psychological $50 level, we also think the rally has been priced in, especially with the impact expected from Canadian wildfires," Tariq Zahir, crude trader and portfolio manager at Tyche Capital Advisors, told Reuters.

"So, we wouldn't be surprised to see more profit taking from the longs, especially since there was no immediate follow-through in buying after the data," he added.

Oasis Petroleum is a Houston-based exploration and production company.

Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.

The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, weak operating cash flow, generally disappointing historical performance in the stock itself and disappointing return on equity.

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.

You can view the full analysis from the report here: OAS

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