Brent crude for January delivery is up 1.27% to $56.64 on the NYMEX on Wednesday morning.
The rise in oil prices is due to a smaller than expected drop in U.S. crude supplies, MarketWatch reports.
The U.S. Energy Information Administration said crude oil inventories were lower by 800,000 barrels for the week ended December 12. Analysts polled by Platts had expected a decline of 2.5 million barrels, MarketWatch added.
Separately, TheStreet Ratings team rates SUNCOR ENERGY INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SUNCOR ENERGY INC (SU) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."