NEW YORK (TheStreet) -- Shares of Halcon Resources (HK) are higher by 3.57% to $1.30 in mid-day trading on Tuesday. Some stocks within the energy sector are jumping this afternoon as the price of oil climbs on expectations of a reduction in shale output.
Crude oil (WTI) is rising by 3.58% to $60.22 per barrel and Brent crude is advancing by 3.78% to $65.06 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 that oil production in the seven top shale regions is expected to fall by 91,000 barrels a day to 5.5 million barrels a day in July versus June, The Wall Street Journal reports.
Later today it is anticipated that data from the American Petroleum Institute will show U.S. crude inventories fell for a sixth straight week for the week ended June 5, Reuters reports.
The EIA will release its stockpiles report on Wednesday. However, in a separate report the EIA raised its forecast for oil demand in 2015 to 380,000 barrels per day from its previous 340,000 bpd estimate.
Halcon Resources is a Houston-based independent energy company that focuses on the acquisition, production, exploration and development of onshore liquids-rich oil and natural gas assets in the U.S.
Separately, TheStreet Ratings team rates HALCON RESOURCES CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation: