NEW YORK (TheStreet) -- Shares of Whiting Petroleum (WLL) - Get Report were gaining in mid-afternoon trading on Monday on rising oil prices as OPEC and other major producers gather during the International Energy Forum to discuss steps to support prices.
Analysts are mulling whether the countries' delegates will reach an agreement about production levels.
Yesterday Algeria's Energy Minister Noureddine Bouterfa said he would not leave the meeting "empty-handed," Reuters reports.
But key OPEC member Iran, the world's fourth largest crude exporter, recently dismissed the possibility that an agreement could be reached this week.
OPEC countries pumped oil close to a multi-year high of 33.24 million barrels in August, according to Reuters.
The International Energy Forum, taking place in Algiers will run through Wednesday.
Additionally, the U.S. dollar was losing strength this afternoon, further boosting oil prices. Oil is priced in the greenback and becomes less expensive to foreign buyers when the dollar slips.
Crude oil (WTI) was higher 2.61% to $45.64 per barrel while Brent crude was up 2.48% to $47.03 per barrel this afternoon.
Whiting Petroleum is a Denver-based independent oil and gas company.
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