Brent crude oil for February delivery was gaining 2.2% to $60.57 a barrel Friday morning, and WTI crude oil for January delivery was gaining 2.5% to $55.45 a barrel.
Despite the slight recovery oil prices were still on track for a fourth week of declines after OPEC decided to not reduce its production rate, according to Reuters.
"Following the long and steep decline in oil prices, we have seen some buying interest in recent days," Newedge commodity sales manager Ken Hasegawa told the publication. "But there is still a lot of selling pressure."
TheStreet Ratings team rates ENSCO PLC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate ENSCO PLC (ESV) 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 growth in earnings per share, revenue growth and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing performance in the stock itself."