WTI crude oil for June delivery was up 2% to $60.44 a barrel Tuesday afternoon, and Brent crude oil for June delivery as up 2.5% to $66.52 a barrel.
Oil prices were rising as a result of a weaker U.S. dollar and OPEC raising its forecast for world oil demand growth, according to Reuters. OPEC now raised its 2015 world oil demand growth forecast to 1.18 million barrels a day from its previous estimate of 1.17 million barrels a day.
Concerns about the security of oil in the Middle East due to the violence in Yemen also helped bring up oil prices, according to the news service.
Seadrill is an offshore drilling company based in Bermuda and managed in London with operations in the U.S., the U.K., Thailand, Norway, Nigeria, and other countries.
TheStreet Ratings team rates SEADRILL LTD as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SEADRILL LTD (SDRL) 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 notable return on equity, attractive valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk, weak operating cash flow and a generally disappointing performance in the stock itself."