WTI crude oil for July delivery was up 3.1% to $60.80 a barrel early Thursday afternoon, and Brent crude oil for July delivery was up 2.7% to $66.80 a barrel.
Oil prices were rising due to lower U.S. crude inventories and the fighting in Iraq, according to Reuters. On Wednesday the Energy Information Administration said U.S. crude oil supplies fell by 2.7 million for the week that ended May 15, marking the third straight week of declines.
Fighting between Iraqi security forces and the Islamic State also helped push up oil prices as it raises concerns about the stability of oil shipments from the country.
Seadrill is an offshore drilling contractor that owns and operates jack-up rigs, tender rigs, semi-submersible rigs, and drillships for operations in shallow, mid, and deepwater areas.
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."