NEW YORK (TheStreet) -- Shares of Chevron Corp (CVX) were trading higher by 0.34% to $100.76 Tuesday afternoon, as crude oil prices rally to trade in positive territory on increased seasonal demand, according to Reuters.
Oil prices are rising in developed economies along with expectations for a decline in U.S. shale production, Reuters added.
The U.S. Energy Information Administration upped its 2015 crude oil production growth outlook to 690,000 barrels per day from 530,000 bpd, but lowered 2016 production.
The EIA also raised its 2015 U.S. oil demand growth forecast to 380,000 bpd compared to 340,000 bpd from last month.
Brent crude for July delivery is higher by 3.37% to $64.80 a barrel as of 2:01 p.m. ET, while WTI crude is also up 3.2% to $60 a barrel today.
San Ramon, Calif.-based Chevron is a holding company that is engaged in petroleum operations, chemicals operations, mining operations, and power and energy services through its subsidiaries.
Separately, TheStreet Ratings team rates CHEVRON CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHEVRON CORP (CVX) 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 largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."