NEW YORK (TheStreet) -- Whiting Petroleum Corp. (WLL) - Get Report stock is rising 6.23% to $16.88 in late morning trading on Tuesday after higher tensions in the Middle East and a weaker dollar boosted oil prices.
WTI crude is up 2.87 to $42.95 per barrel, while Brent crude is increasing 2.88% to $46.12 per barrel, according to the CNBC.com index.
Overall, stocks are trading lower after Turkey shot down a Russian fighter jet for allegedly entering Turkish air space, Reuters reports.
Analysts expect the region's tensions to prop-up oil prices along with Saudi Arabia's willingness to cooperate with other oil producers.
"Ultimately, we still see a drop to around $37.75, but such a development is not expected until the market gets through the OPEC meeting at the end of next week and when increasingly bearish global supply balances places additional pressure on the WTI curve," Ritterbusch & Associates' Jim Ritterbuch told Reuters.
In the U.S., commercial crude oil inventories are expected to show a 1.1 million-barrel increase for the week ended November 20, according to analysts surveyed by Reuters.
The Energy Information Administration is scheduled to release the weekly petroleum status report on Wednesday morning.
Denver-based Whiting Petroleum is an independent oil and gas company with assets in the Rocky Mountains and Permian Basin regions of the U.S.
Insight from TheStreet's Ratings Team
Whiting Petroleum is part of the Stocks Under $10 portfolio. Here's what David Peltier had to say about the company in the latest weekly roundup:
It was a volatile week for the stock, which ticked lower. We believe that management can continue to post above-average production growth in the coming quarters. Whiting Petroleum is an Inflection Point stock and has a price target of $51.
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Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.