NEW YORK (TheStreet) -- Shares of Petrobras (PBR) were jumping, up 3.48% to $9.36 in late morning trading Wednesday, along with other oil related stocks after data showed U.S. crude inventories fell the most since July last week, according to Reuters.
Data by the U.S. Energy Information Administration showed that crude inventories fell by 6.8 million barrels in the last week, versus analysts' expectations for a decline of 1.7 million barrels.
Crude stocks at the Cushing, Okla. delivery hub dropped by 1.024 million barrels, according to the EIA.
Refineries increased output, while gasoline stocks decreased and distillate inventories increased, Reuters noted.
Brent crude for July delivery was up 1.19% to $65.65 a barrel as of 10:52 a.m. ET today, while U.S. crude for July delivery was rising 1.46% to $61.02 a barrel.
Brazil-based Petrobras is an integrated oil and gas company, engaged in the research, extraction, refining, processing, trade and transport of oil from wells, shale and other rocks.
Separately, TheStreet Ratings team rates PETROLEO BRASILEIRO SA- PETR as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate PETROLEO BRASILEIRO SA- PETR (PBR) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, generally high debt management risk, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."