Crude oil (WTI) is up 1.19% to $39.91 per barrel and Brent oil is gaining 1% to $41.61 per barrel this afternoon, according to the CNBC.com index.
Oil prices are increasing after data from market intelligence firm Genscape showed that crude stockpiles in Cushing, OK declined by 570,574 barrels to 69.05 million last week, Reuters reports.
Previously, inventories at Cushing had swelled toward 70 million barrels, spurring concerns that they could reach capacity.
"Although, it's not huge draw by any means, the latest data breaks a string of builds," Peter Donovan, broker at Liquidity Energy, told Reuters.
However, the market's upside was limited by concerns that U.S. oil drillers could boost production again after a two-month long recovery in crude prices, analysts told Reuters.
WPX Energy is a Tulsa, OK-based natural gas and oil exploration and production company.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D- on the stock.
This is driven by a number of negative factors, 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, disappointing return on equity, weak operating cash flow, generally high debt management risk and generally disappointing historical performance in the stock itself.
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: WPX