NEW YORK (TheStreet) -- Shares of Oasis Petroleum (OAS) - Get Report are spiking by 8.55% to $5.08 on Tuesday afternoon, as oil prices rebound on hopes of reduced production levels.

Crude oil (WTI) is popping by 3.59% to $31.43 per barrel this afternoon and Brent crude is climbing by 4.13% to $31.76 per barrel, according to the index.

The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members are edging closer to an agreement to lower production during one of the largest gluts in decades as oil company Hess Corp. (HES) planned to cut capital spending, Reuters reports.

So far, Russia is not cooperating and is viewed as crucial to any deal.

"The need for a reduction in output is clear - as it has been to us for the past 18 months - but it remains uncertain whether Saudi Arabia and its allies within OPEC are ready to return to the bargaining table," Tim Evans, energy futures specialist at Citi Futures, said in a note cited by Reuters.

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

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.

The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.

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The company's strengths can be seen in multiple areas, such as its reasonable valuation levels and expanding profit margins.

As a counter to these strengths, the team also finds weaknesses including generally higher debt management risk, disappointing return on equity and weak operating cash flow.

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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