Crude oil (WTI) is advancing 2.68% to $33.66 per barrel this afternoon and Brent oil is climbing 2.79% to $36.08 per barrel, according to the CNBC.com index.
The price of the commodity is rising today as China moved to lift its slowing economy and Saudi Arabia said it would work with other crude exporters to limit market instability, Reuters reports.
"We seem to be back to the old play: China injecting money into their system, and the S&P playing along for a risk-on trade in oil," David Thompson, executive vice president at energy-focused broker Powerhouse, told Reuters.
The Saudi cabinet said in a statement it "will always remain in contact with all main producers in an attempt to limit volatility and it welcomes any cooperative action," according to Reuters.
Oil prices are down about 70% from their mid-2014 highs of more than $100 per barrel.
Whiting Petroleum is a Denver-based independent oil and gas company.
TheStreet's Daniel Dicker discussed Whiting Petroleum and Continental Resources (CLR) in a February 26 article on RealMoney.
"These are the two most prolific Bakken shale players with the choicest acreage admitting that a profit can no longer be made with oil at $30 a barrel. But it also affirms the accompanying nonsense of these shale players -- even the best of them -- to continue to increase production through the year merely with efficiency gains," Dicker said.
Additionally, both companies have reported large cuts in production targets for 2016.
"They've done it slowly, because they know how deadly it is to their share price to admit how deeply production will drop with the 73% and 80% capex slashing that Continental and Whiting are making, respectively," he added.
Continental is claiming a 10% drop for 2016 and Whiting a 21% drop, which is more realistic, Dicker noted.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
This is driven by several weaknesses, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered.
The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical 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: WLL