Brent crude hit an intraday low of $58.71 a barrel on London's ICE Futures exchange, according to the Wall Street Journal. But Brent rallied to 5.57% to $63.35 at 12:26 p.m., according to CNBC.
Oil prices have plummeted nearly 50% since the summer amid a global oversupply. Oil producers are continuing to increase production despite the supply glut and weakening demand.
The American Petroleum Institute published data late Tuesday that indicated a surprise 1.9 million barrel rise in weekly U.S. oil stockpiles. The U.S. Energy Information Administration is scheduled to publish stockpile data on Wednesday.
Separately, TheStreet Ratings team rates WHITING PETROLEUM CORP as a "hold" with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate WHITING PETROLEUM CORP (WLL) 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, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."