WTI crude oil for June delivery was up 2.5% to $60.71 a barrel Tuesday afternoon, and Brent crude oil for June delivery was up 2.9% to $66.81 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.
Penn West is a Canada-based oil and natural gas company that operates in oil and gas fields distributed throughout the country.
TheStreet Ratings team rates PENN WEST PETROLEUM LTD as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate PENN WEST PETROLEUM LTD (PWE) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."