Anadarko Petroleum (APC) Stock Gaining Amid Rising Oil Prices

NEW YORK (TheStreet) -- Shares of Anadarko Petroleum Corp. (APC) were trading higher by 0.87% to $90.10 Wednesday afternoon amid higher oil prices following the release of U.S. inventories data.

The Energy Information Administration released data showing declining U.S. crude stocks, amid the global supply surplus.

Crude inventories fell by 3.9 million barrels last week, compared with analysts' expectations for an increase of 1.5 million barrels, according to Reuters.

Brent crude for June delivery was rising, up 0.41% to $67.80 a barrel as of 2:01 p.m ET today, while WTI crude for June delivery was up 0.73% to $60.84 a barrel.

On CNBC's Squawk on the Street this morning, TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio said that while higher oil prices may lead to stock prices' also going up, he does not like how oil is rising "every day."

"I think the day-to-day algorithmic traders are looking at this setup and they're saying, 'Sell, sell, sell,' " Cramer added.

Plus, Anadarko Petroleum is planning to participate in tenders for deepwater gas and oil exploration in Bulgaria's Black Sea waters, according to Reuters.

On Monday, the company reported a first quarter loss of 72 cents per share on revenue of $2.32 billion.

Analysts were expecting the company to lose 65 cents per share on revenue of $2.45 billion, according to Thomson Reuters.

The Woodlands, TX-based Anadarko Petroleum is an independent exploration and production company with more than 2.5 billion barrels of oil equivalent of proved reserves.

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