WTI crude is up 3.33% to $33.87 per barrel on the New York Mercantile Exchange, while Brent crude is rising 2.48% to $35.97 per barrel on the Intercontinental Exchange.
Oil prices were helped by China's decision to reduce the amount of cash banks are required to have in their reserves, giving an economic boost to the world's largest oil-importing country, Reuters reports.
Additionally, OPEC curbed crude oil production in February, compared with January output, according to a Reuters survey.
"We seem to be back to the old play: China injecting money into their system, and the S&P playing along for a risk-on trade in oil," Powerhouse executive vice president David Thompson told Reuters.
Switzerland-based Transocean is an offshore drilling contractor for the oil and gas industry.
Separately, Transocean has a "sell" rating and a letter grade of D+ at TheStreet Ratings because of the company's generally disappointing stock performance, weak revenue growth and expected underperformance in earnings per share growth.
You can view the full analysis from the report here: RIG
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.