Brent crude fell to a five-year low of $58.50 earlier this week, according to CNBC. But Brent futures for January delivery rallied to 0.87% to $61.71 at 10:31 a.m. on Thursday. WTI Crude was up 0.21% to $56.59.
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, and OPEC decided to maintain its production levels at a meeting last month.
The American Petroleum Institute published data late Tuesday that indicated a surprise 1.9 million barrel rise in weekly U.S. oil stockpiles.
Separately, TheStreet Ratings team rates SEADRILL LTD as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SEADRILL LTD (SDRL) 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, notable return on equity and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, generally higher debt management risk and weak operating cash flow."