The commodity is gaining following a forecast for a decline in shale-oil production this summer, The Wall Street Journal reports.
Crude oil (WTI) is rising by 3.29% to $60.05 per barrel and Brent crude is advancing by 3.37% to $64.80 per barrel this afternoon, according to the CNBC.com index.
Late Monday the U.S Energy Information Administration's drilling productivity report was released. The report showed expectations that oil production in the seven top shale regions will fall by 91,000 barrels a day to 5.5 million barrels a day in July versus June, The Journal noted.
Oasis Petroleum is a Houston-based independent exploration and production company.
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."