Despite the persistent global oversupply, crude futures are soaring today on the renewed hope that producers will come together to freeze production output when members and non-members of OPEC meet on April 17 in Qatar.
Also giving oil a jolt is comments out of Kuwait saying there is "positive indications an agreement will be reached," Reuters reports.
"Oil (futures) gained some momentum. The comment by the Kuwait OPEC governor provided some support to prices," ANZ bank told Reuters. The bank warned that investors are likely to remain cautious ahead of the meeting.
Crude oil (WTI) is up by 4.63% to $37.55 per barrel and Brent crude is higher by 3.86% to 39.33 per barrel.
WPX Energy is an independent natural gas and oil exploration and production company based in Tulsa, OK.
Separately, TheStreet Ratings has set a "sell" rating and a score of D- on WPX Energy stock. This is driven by several weaknesses, 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 deteriorating net income, disappointing return on equity, weak operating cash flow, generally high debt management risk and generally disappointing historical performance in the stock itself.
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