WTI crude oil for July delivery was up 1.9% to $61.33 a barrel Tuesday afternoon, and Brent crude oil for July delivery was up 1.2% to $65.66 a barrel.
Oil prices were rising due to the weaker U.S. dollar and comments from Saudi Arabia's oil minister ahead of OPEC's meeting on Friday, according to the Wall Street Journal.
Saudi oil minister Ali al-Naimi said that oil demand is increasing while the flow supply is slowing down. The oil minister acknowledged that there is still an oil surplus, however, according to the Journal.
Analysts expect OPEC to announce that it will maintain its production ceiling of 30 million barrels of oil a day during its Friday meeting.
Nabors provides services for land-based and offshore oil and natural gas wells.
TheStreet Ratings team rates NABORS INDUSTRIES LTD as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate NABORS INDUSTRIES LTD (NBR) 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 increase in net income, expanding profit margins and growth in earnings per share. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing performance in the stock itself."