NEW YORK (TheStreet) -- Shares of Petrobras (PBR.A) were rallying, higher by 3.48% to $9.36 in afternoon trading Tuesday, along with other oil related stocks as WTI crude prices rise ahead of a tropical storm in Texas, according to Reuters.
U.S. crude prices were edging higher by 0.77% to $59.98 a barrel as of 2:21 p.m. ET today.
However, Brent crude was still lower by 0.36% to $63.75 a barrel.
Tropical Storm Bill is approaching the oil producing state off the Texas coast in the Gulf of Mexico.
The storm is expected to bring heavy rains and strong winds, with the focus on the potential effects on refineries, Reuters reports.
More than 45% of U.S. refining capacity is located along the Gulf Coast, Reuters noted.
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) a SELL. This is driven by several 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 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."