NEW YORK (TheStreet) -- Nabors Industries (NBR - Get Report) shares are up 2.87% to $12.90 in trading on Tuesday despite the oil company's disappointing fourth quarter financial results that were released before the opening bell as oil prices rally in trading today.

Shares are climbing despite the earnings and revenue miss as oil prices rally in trading today as fighting in Libya and signs of rising global demand outweigh continuing oversupply concerns.

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Industry standard Brent crude is up 3.04% to $61.35 per barrel, while West Texas crude for April delivery is climbing 1.13% to $50.15 a barrel in trading today.

Conflict in Libya, where rebels are targeting the country's oilfields and ports as two factions fight for control of the country four years after longtime leader Gaddafi was removed from power, is helping drive prices down. Turmoil in the region is hurting supply levels which help the overall industry due to oversupply.

Nabors reported a fourth quarter net loss of $891.8 million after reporting a profit during the same period last year. On an adjusted per share basis the company reported earnings of 33 cents per share, missing analysts 39 cent per share estimates by six cents.

The company generated $1.78 billion in revenue during the period, short of the $1.85 billion analysts were expecting the company to generate this quarter.

TheStreet Ratings team rates NABORS INDUSTRIES LTD as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate NABORS INDUSTRIES LTD (NBR) 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, compelling growth in net income and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and poor profit margins."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

NBR Chart NBR data by YCharts