WTI crude oil for July delivery was up 2.9% to $60.71 a barrel early Thursday afternoon, and Brent crude oil for July delivery was up 2.5% to $66.66 a barrel.
Oil prices were rising due to lower U.S. crude inventories and 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.
Noble Corp. is an offshore drilling company based in England.
TheStreet Ratings team rates NOBLE CORP PLC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NOBLE CORP PLC (NE) a SELL. This is driven by a number of negative factors, 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 disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows: