WTI crude oil for July delivery was up 2.8% to $60.65 a barrel early Thursday afternoon, and Brent crude oil for July delivery was up 2.4% to $66.58 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 raised oil prices as it raises concerns about the stability of oil shipments from the country.
Oasis Petroleum is an exploration and production company with properties in the North Dakota and Montana regions of the Williston Basin.
TheStreet Ratings team rates OASIS PETROLEUM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate OASIS PETROLEUM INC (OAS) 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 reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."