WTI crude rose 0.63% to $59.31 at 3:37 p.m. as oilfield services firm Baker Hughes (BHI) announced that the U.S. oil rig count declined for the 22nd consecutive week, according to Reuters.
The number of crude drilling rigs in U.S. oilfields dropped by 11 last week, bringing the total to 668 rigs, less than half of the 1,528 at the same time last year.
In addition, the April U.S. job report released Friday also boosted U.S. crude prices.
Nonfarm payrolls increased 223,000 in April, despite the fact that March payrolls were revised down to just 85,000.
More than 10.7 million shares had changed hands as of 3:37 p.m. ET today, compared to the daily average volume of 8.36 million shares.
Separately, TheStreet Ratings team rates SOUTHWESTERN ENERGY CO as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SOUTHWESTERN ENERGY CO (SWN) 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 largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, disappointing return on equity and weak operating cash flow."