NEW YORK (TheStreet) -- Encana Corp.  (ECA - Get Report) stock is up 2.96% to $5.91 in early afternoon trading on Wednesday as oil prices surge.

Crude oil (WTI) is rising 5.13% to $37.73 per barrel and Brent oil is surging 5.18% to $39.83 per barrel this afternoon, according to the CNBC.com index.

Oil prices are climbing after the Energy Information Administration reported that U.S. crude oil stockpiles declined by 4.9 million barrels last week, while analysts were expecting a 3.2 million barrel increase, Reuters reports.

Oil prices have been pressured by the global oversupply of oil during the last year. 

Based in Calgary, Canada, Encana is a exploration and production company focused on natural gas, oil and natural gas liquids.

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. This is driven by a few notable weaknesses, which we believe 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 we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

You can view the full analysis from the report here: ECA