NEW YORK (TheStreet) -- Shares of Oasis Petroleum (OAS) are up by 1.29% to $17.27 in early afternoon trading on Wednesday, as oil prices remain in the green for a second day following a decline in crude supplies for the week ended June 5.
Crude oil (WTI) is gaining by 1.33% to $60.94 per barrel and Brent crude is rising by 1.08% to $65.58 per barrel this afternoon, according to the CNBC.com index.
Earlier today the Energy Information Administration reported crude supplies declined by 6.8 million barrels last week, MarketWatch reports. Analysts polled by Platts were expecting a decline of 1.6 million barrels.
U.S. domestic oil production increased for the same week, according to the EIA data. Total U.S production was at 9.61 million barrels per day, a growth of 24,000 barrels from the previous week.
Oasis Petroleum is a Houston, TX-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."