The commodity is advancing due to the decline in U.S. oil storage levels and improved manufacturing data out of China, The Wall Street Journal reports.
Crude oil (WTI) is up by 3.02% to $60.76 per barrel and Brent crude is soaring by 2.71% to $66.79 per barrel.
Last week, U.S. oil inventories declined by 2.7 million barrels, the third weekly drop in a row. U.S. oil output also declined to its lowest level since the beginning of February, 9.3 million barrels per day.
"The decrease in crude inventories is expected and should continue to drop," Daniel Ang, an analyst at Phillip Futures told The Journal.
Additionally, JPMorgan resumed coverage on the natural gas and liquids producer with a "neutral" rating and a $14 price target today.
Separately, TheStreet Ratings team rates CHESAPEAKE ENERGY CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHESAPEAKE ENERGY CORP (CHK) a SELL. This is driven by some concerns, 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 deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."