WTI crude is rising 1.72% to $31.99 per barrel on the New York Mercantile Exchange, while Brent crude is increasing 3.14% to $32.80 per barrel on the Intercontinental Exchange this afternoon.
Oil prices jumped after the Russian energy ministry said the country's producers discussed the possibility of cooperating with OPEC to curb output as global oversupply grows, Reuters reports.
Prices are also improving after U.S. data showed an increase in petroleum products demand last week with distillate inventories dropping more than four million barrels last week, Reuters added.
Additionally, a court in Brazil blocked a proposal from Petrobras, a Brazilian state-run energy company, to sell a 40% stake in its natural gas business to Mitsui & Co. (MITSY) for $469 million.
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.
You can view the full analysis from the report here: PBR
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.