WTI crude oil for July delivery was up 3.5% to $60.17 a barrel early Tuesday afternoon, and Brent crude oil for July delivery was up 3.7% to $64.98 a barrel.
Oil prices were falling after the U.S. Energy Information Administration said it expects shale oil production to fall by 91,000 barrels a day to 5.5 million barrels a day in July when compared to June production rates, according to the Wall Street Journal.
High shale oil production in the U.S. contributed to the recent record high U.S. oil stockpile levels and helped bring down oil prices last year.
Suncor Energy is an oil company focused on developing Canada's petroleum resource basin, Athabasca oil sands.
TheStreet Ratings team rates SUNCOR ENERGY INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SUNCOR ENERGY INC (SU) 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. Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that we have evaluated. At the same time, however, we also find weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income."