Crude oil (WTI) is rising 2.91% to $45.96 per barrel and Brent crude is advancing 3.47% to $47.10 per barrel this afternoon.
Oil prices are gaining after data from the Energy Information Administration (EIA) showed that crude inventories declined by 3.4 million barrels last week.
Analysts were expecting a build of 714,000 barrels, Reuters noted.
The price of the commodity increased earlier today as Royal Dutch Shell (RDS.A) announced the closing of a Nigerian pipeline and Canadian energy firms attempted to reopen closed facilities that had suspended more than 1 million barrels per day in supply, Reuters added.
Separately, the EIA said it projects that Brent will rally in the next year to about $76 per barrel amid continued strong demand.
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.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
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.
You can view the full analysis from the report here: WPX