The price of the commodity is rising due to strong demand and a decline in supplies in the U.S., Reuters reports.
The Energy Information Administration is scheduled to release its weekly data this afternoon and the EIA has been forecast to report a seventh consecutive weekly decline in crude stocks, according to analysts polled by Reuters.
Crude Oil (WTI) is gaining by 1.22% to $60.64 per barrel and Brent crude is rising by 1.71% to $64.79 per barrel this morning, according to the CNBC.com index.
Additionally, Whiting Petroleum was upgraded to "buy" from "neutral" at Citi as recent capital raises and strong momentum with slickwater fracs have made the firm positive on shares, theflyonthewall.com reports.
Citi upped its price target on Whiting Petroleum to $46 from $35.
Separately, TheStreet Ratings team rates WHITING PETROLEUM CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WHITING PETROLEUM CORP (WLL) 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 expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."