Crude oil (WTI) is advancing 0.29% to $38.39 per barrel and Brent crude is gaining 0.51% to $39.34 per barrel.
Even though investors continue to express concerns about the ongoing supply glut, fresh data from the Energy Information Administration (EIA) released earlier today eased some of those concerns.
U.S. crude stockpiles increased by 2.3 million barrels last week to a record total of 534.8 million barrels. This is lower than analysts' expectations of a 3.3 million barrel build.
In addition, oil and other commodities were also more attractive to foreign investors as the dollar dropped to a near two-week low, Reuters reports.
Based in Switzerland, Transocean provides offshore contract drilling services for oil and gas wells worldwide.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D+.
This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself.
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' author.
You can view the full analysis from the report here: RIG