The price of the commodity is moving in positive territory as the dollar falls, the rig count rises and investors cautiously acquire riskier assets as fears over Brexit ease, Reuters reports.
Crude oil (WTI) is climbing by 2.83% to $47.52 per barrel and Brent crude is advancing by 3.22% to $48.71 per barrel.
The weekly U.S. rig count climbed by 9 to a total of 337 active drilling rigs. During the same time last year there were 631 rigs in use.
The dollar dipped, propping up the price of oil, which becomes less expensive to those that hold other currencies when the greenback slides.
But investors say, "It's mainly Brexit at the moment, at least until next Thursday, before people start to look at the more fundamental oil/commodity drivers again," ABN Amro senior energy economist Hans van Cleef told Reuters.
WPX Energy is a Tulsa, OK-based independent oil and natural gas company that is focused on the exploitation and development of long-life unconventional properties.
Separately, TheStreet Ratings has set a "sell" rating and a score of D on WPX Energy stock. This is driven by some concerns, which TheStreet Ratings believes 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 it covers.
The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, weak operating cash flow, generally disappointing historical performance in the stock itself and generally high debt management risk.
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: WPX