Brent crude oil for February delivery gained 4.4% to $61.90 a barrel Friday afternoon, after hitting a five-year low of $58.50 earlier in the week. WTI crude oil for January delivery gained 4.5% to $56.52 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.
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"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 Reuters. "But there is still a lot of selling pressure."
TheStreet Ratings team rates CANADIAN NATURAL RESOURCES as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CANADIAN NATURAL RESOURCES (CNQ) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels, expanding profit margins, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income."