Oil futures rose 0.87%, or 66 cents, to $76.51 on Friday morning. Brent crude oil futures climbed 1.05%, or 83 cents, to $80.16.
Oil prices climbed Friday after the People's Bank of China announced surprise interest rate cuts, a sign that the world's most populous nation is taking steps to address its stalling economy.
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The People's Bank of China trimmed its one-year deposit rate by 0.25% and its one-year loan rate by 0.4%. It also announced it would allow more flexibility in deposit rates.
Prior to China's move, European Central Bank President Mario Draghi indicated that the bank was prepared to increase asset buying.
Separately, TheStreet Ratings team rates NABORS INDUSTRIES LTD as a "hold" with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NABORS INDUSTRIES LTD (NBR) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and poor profit margins."