NEW YORK (TheStreet) -- Transocean (RIG) shares are up 4.41% to $19.40 in afternoon trading on Tuesday as the offshore drilling service provider rises today along with climbing crude prices.
The Swiss company's shares are up as industry standard Brent crude prices for July delivery climb 1.05% to $65.56 per barrel, while West Texas crude for July delivery is up 1.94% to $61.37 per barrel.
The rise in prices ahead of OPEC's biannual meeting this week is a result of a weakening dollar.
The oil cartel is not expected to change its stance on production when it meets in Vienna Friday.
OPEC's refusal to cut production amid a glut of supply on the market is partially responsible for the steep decline oil prices have experienced since last June.
When OPEC last met in November the group agreed to keep production at 30 million barrels a day. The International Energy Agency estimated that the cartel produced 31.2 million barrels per day in April, its highest output since 2012, according to USA Today.
TheStreet Ratings team rates TRANSOCEAN LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate TRANSOCEAN LTD (RIG) 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, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."