NEW YORK (TheStreet) -- Shares of Whiting Petroleum (WLL) - Get Report were gaining 11.2% to $8.04 on heavy trading volume mid-Wednesday afternoon as oil prices advanced after OPEC members agreed to curb production, according to Reuters.
Delegates from OPEC member countries are meeting at the International Energy Forum in Algiers, Algeria this week.
The group agreed earlier today to reduce oil production to 32.5 million barrels per day, down from current levels of 33.24 million barrels per day, sources told Reuters.
Concrete production levels for each country will be determined at their next meeting in November.
Additionally, the Energy Information Administration said earlier today that U.S. crude stockpiles declined by 1.9 million barrels last week to a total of 502.7 million barrels.
Wall Street had projected a build of 3 million barrels for the week, Reuters reports.
Crude oil (WTI) was up 5.01% to $46.91 per barrel while Brent crude was higher by 5.46% to $48.48 per barrel this afternoon.
More than 34.65 million shares of Whiting Petroleum, a Denver-based independent oil and gas company, have traded hands so far today vs. the 30-day average volume of 23.35 million shares.
Separately, 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.
TheStreet Ratings rated this stock as a "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: WLL