Brent crude fell to a five-year low of $58.50 earlier this week, but the benchmark was up 3% to $61.05 at 2:16 p.m. WTI Crude was up 4.4% to $56.49.
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.
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More than 5.9 million shares had changed hands as of 2:17 p.m., compared to the daily average volume of 5,449,500.
Separately, TheStreet Ratings team rates OASIS PETROLEUM INC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate OASIS PETROLEUM INC (OAS) 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 robust revenue growth, notable return on equity and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and a generally disappointing performance in the stock itself."