NEW YORK (TheStreet) -- Shares of Chevron Corp. (CVX) are up by 1.48% to $101.91 in mid-afternoon trading on Wednesday, as some stocks within the oil sector get a boost from the rise in the commodity's price.
Oil prices are being driven higher by data from the Energy Information Administration which showed 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.
Crude oil (WTI) is gaining by 1.85% to $61.25 per barrel and Brent crude is rising by 1.20% to $65.66 per barrel this afternoon, according to the CNBC.com index.
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.
Other oil stocks moving higher today include Marathon Oil (MRO), up by 1.35% to $27.09, Anadarko Petroleum (APC), gaining by 1.84% to $84.71, and Whiting Petroleum (WLL), rising by 2.63% to $33.96 this afternoon.
Chevron is a San Ramon, Calf.-based American multinational energy corporation that operates by exploring for, developing and producing crude oil and natural gas. The company also refines crude oil into petroleum products.
Separately, TheStreet Ratings team rates CHEVRON CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation: