The commodity's price rebounded this afternoon after Baker Hughes (BHI) said that the number of drilling rigs in the U.S. declined for the 26th straight week, Reuters reports.
The rig count dropped by four with the national total now standing at 642 rigs.
Crude oil (WTI) is rising by 1.83% to $59.06 per barrel and Brent crude is up by 1.98% to $63.26 per barrel this afternoon, according to the CNBC.com index.
"Despite a collapse in rig counts in the U.S., oil production has yet to register a sustained decline. But it will come," oil trader Andy Hall said, Reuters noted.
Oasis Petroleum is a Houston, TX.-based exploration and production company that acquires and develops unconventional oil and natural gas resources in the U.S.
Separately, 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, disappointing return on equity and weak operating cash flow."