Crude supplies declined by 6.8 million barrels last week, the U.S. Energy Information Administration said, according to The Wall Street Journal.
This is far more than analyst had expected, which was a 1.8 million-barrel decrease on the week.
"It was the biggest weekly drop in stockpiles since last July and the sixth-straight decline since stockpiles hit their highest level in more than 80 years in April," the Journal reports.
Crude oil (WTI) is gaining 1.88% to $61.27 per barrel and Brent crude is increasing by 1.17% to $65.64 per barrel this afternoon, according to the CNBC.com index.
Separately, TheStreet Ratings team rates HALLIBURTON CO as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate HALLIBURTON CO (HAL) 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 largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."