NEW YORK (TheStreet) -- Shares of Transocean (RIG) are trading in the green, up 2.8% to $19.25 in midday trading Wednesday, along with other oil related stocks after data showed that 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 1.08% to $65.58 a barrel as of 12:37 p.m. ET today, while U.S. crude for July delivery was rising 1.36% to $60.96 a barrel.
Switzerland-based Transocean is an international provider of offshore contract drilling services for oil and gas wells, operating under the contract drilling services and drilling management services segments.
Separately, TheStreet Ratings team rates TRANSOCEAN LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate TRANSOCEAN LTD (RIG) a SELL. This is driven by multiple weaknesses, 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 deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."