Oil prices are rising after Baker Hughes (BHI) data showed that the number of U.S. oil rigs operating declined by 13 rigs to 400 rigs last week, the Wall Street Journal reports. The global oversupply of oil has weighed on prices over the last year.
"We could finally see U.S. oil production losses starting to accelerate in the coming months, as broad-based cost cutting from oil companies is set to impact productivity," Matt Smith, director of commodity research at ClipperData, said in a note, according to the Journal.
Crude oil (WTI) is up by 3.45% to $33.91 per barrel and Brent oil is rising by 2.62% to $36.02 per barrel this afternoon, according to the CNBC.com index.
Based in Houston, Oasis is an independent exploration and production company that operates in North Dakota and Montana.
Separately, 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.
TheStreet Ratings rates this stock as a "sell" with a ratings score of D. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally high debt management risk.
You can view the full analysis from the report here: OASOAS data by YCharts