Crude oil (WTI) is gaining by 2.66% to $31.29 per barrel this afternoon and Brent crude is advancing by 2.31% to $31.01 per barrel, according to the CNBC.com index.
The price of the commodity broke an eight-day slump as some market participants covered short positions after oil prices fell to new 12-year lows on concerns over Iran increasing production more than expected, Reuters reports.
Barclays increased its estimates on Iranian oil production due to Western sanctions being removed sooner than anticipated, Reuters added.
The firm's analysts now estimate that Iran will produce nearly 700,000 barrels a day more in the fourth quarter of 2016 than in the same period last year, Reuters noted.
Additionally, Iran said its oil exports would grow by 1 million barrels per day within six months of sanctions being removed, Reuters said.
Transocean is a Switzerland-based provider of offshore contract drilling services for oil and gas wells.
Separately, TheStreet Ratings has a "sell" rating on the stock with a score of D+. This rating is driven by multiple weaknesses, which TheStreet believes 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 it covers.
The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: RIG
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.