Brent crude fell to a five-year low of $58.50 earlier this week, but the benchmark was up 3.27% to $62.21 at 2:27 p.m. WTI Crude was up 4.27% to $56.42.
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 9.8 million shares had changed hands as of 2:27 p.m., compared to the daily average volume of 10,640,200.
Separately, TheStreet Ratings team rates DENBURY RESOURCES INC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate DENBURY RESOURCES INC (DNR) 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 increase in net income, attractive valuation levels and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share."