Prices were lifted by data from market intelligence firm Genscape showing a drawdown of 686,700 barrels at the Cushing, OK delivery point in the week ended May 27. Robust U.S. consumer spending data further supported futures.
In addition, United Arab Emirates Oil Minister Suhail bin Mohammed al-Mazroui said he was happy with the overall oil market, highlighting that prices had been correcting higher.
However, futures trimmed earlier increases and were retreating ahead of the OPEC biannual meeting Thursday in Vienna. Analysts believe the gathering is unlikely to yield any formal consensus on cutting back output, Reuters reports.
Crude oil (WTI) is retreating 0.77% to $48.95 per barrel and Brent crude is sliding 0.18% to $49.67 per barrel.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D.
The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and deteriorating net income.
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 article's author.
You can view the full analysis from the report here: SDRL