Crude oil (WTI) is spiking 7.83% to $31.96 per barrel and Brent crude is rising 5.54% to $34.84 per barrel this afternoon, according to the CNBC.com index.
The price of the commodity is climbing today as the International Energy Agency (IEA) said it expects U.S. shale output to drop this year and next.
Production will likely fall by 600,000 barrels per day this year and another 200,000 barrels per day in 2017, the IEA added.
"Drilling activity will continue to decline in the near term and supply will follow," the agency said in a report on Monday, cited by the Wall Street Journal. "Without an uptick in drilling activity, U.S. [shale-oil] output is forecast to fall further."
Additionally, the IEA sees global supply and demand rebalancing next year.
Marathon Oil is an energy company headquartered in Houston.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
This is driven by multiple weaknesses, which 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 covered.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
Recently, 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 articles's author.
You can view the full analysis from the report here: MROMRO data by YCharts