Crude oil (WTI) is jumping 1.11% to $33.59 per barrel and Brent crude is rallying 2.36% to $34.69 per barrel.
Futures increased on hopes that major oil exporters would agree on a deal to reduce output.
However, oil prices shed some earlier gains on news that Iran would not cooperate in a possible deal between Organization of Petroleum Exporting Countries (OPEC) and other producing countries, the Wall Street Journal reported.
Also giving prices a boost was a new Baker Hughes report showing that oil rigs in U.S. fields dropped by 12 to a total of 298 last week, the lowest level since March 2010, Business Insider said.
Separately, TheStreet Ratings has a "Hold" rating on the stock with a letter grade of C.
The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that we have evaluated. At the same time, however, we also find weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing 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's author.
You can view the full analysis from the report here: HAL