U.S. commercial crude oil stockpiles fell by 4.2 million barrels to 537.1 million barrels last week, according to data from the Energy Information Administration.
WTI crude is up 0.56% to $48.89 per barrel on the New York Mercantile Exchange, while Brent crude is rising 1.05% to $49.12 per barrel on the Intercontinental Exchange this morning.
Shares of Shell, a Netherlands-based oil and gas company, are also being supported by the company's plans to cut an additional 2,200 jobs, bringing its total layoffs to 12,500 by the end of 2016, Reuters reports.
About 475 of the total layoffs will be in the U.K. and Ireland upstream unit, according to Reuters.
Additionally, Shell is among the bidders to operate the largest offshore oil field in Qatar, sources told Bloomberg.
Shell, Chevron (CVX), Total (TOT), ConocoPhillips (COP) and Maersk Oil Qatar (AMKBF) submitted proposals to enter into an output sharing deal with state-operated Qatar Petroleum next year.
The oil field, called Al-Shaheen, currently produces 300,000 barrels a day, accounting for nearly half of Qatar's total crude production, Bloomberg added.
Separately, Royal Dutch Shell has a "hold" rating and a letter grade of C at TheStreet Ratings because of the company's solid financial position based on a variety of debt and liquidity measures, which is offset by deteriorating net income, poor profit margins and weak operating cash flow.
You can view the full analysis from the report here: RDS.A
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.