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.
Anadarko operates in three segments including oil and gas exploration and production, midstream, and marketing.
Separately, TheStreet Ratings team rates ANADARKO PETROLEUM CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ANADARKO PETROLEUM CORP (APC) 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 strongest point has been its a solid financial position based on a variety of debt and liquidity measures that we have looked at. At the same time, however, we also find weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing performance in the stock itself."
You can view the full analysis from the report here: APC Ratings ReportAPC data by YCharts