Crude oil (WTI) is advancing 2.79% to $49.32 per barrel and Brent crude is up 2.77% to $50.53 per barrel this afternoon.
Oil prices are rising today as global stock markets climb on growing expectations that Britain is likely to remain in the European Union, the Wall Street Journal reports.
Opinion polls published over the weekend indicated Britain is more likely to vote to stay in the EU on Thursday. A recent poll by Survation showed 45% supported remaining in the EU, while 42% supported leaving.
"If there is a Brexit, the negative pressure on oil prices would be driven by risk aversion, not fundamentals," Michael Wittner, chief oil analyst at Société Générale, told the Journal.
WPX Energy is a Tulsa, OK-based oil and natural gas exploration and production company.
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.
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 article's author.
You can view the full analysis from the report here: WPX