Crude oil (WTI) is gaining 0.72% to $32.10 per barrel and Brent crude is jumping 2.86% to $34.22 per barrel.
Earlier in the morning, oil futures were down after Saudi Oil Minister Ali al-Naimi said on Tuesday that production cuts would not happen, but did note that exporters would hopefully meet in March to discuss a production freeze.
However, data from the Energy Information Administration (EIA) released today showed that U.S. crude stocks increased by 3.5 million barrels last week to a total of 507.6 million.
Even though this topped analysts' expectations for a 3.4 million barrel rise, it was still a much smaller build than earlier industry report from the American Petroleum Institute (API) showed, CNBC.com reports.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D.
The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, generally high debt management risk, disappointing return on equity and weak operating cash flow.
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: WLL