Crude oil (WTI) is leaping by 6.25% to $39.59 per barrel and Brent crude is up by 5.86% to $41.74 per barrel this afternoon.
Oil prices are rising on hopes that major oil exporters will freeze production at a meeting later this month in Doha, Qatar, Reuters reports.
Additionally, the number of U.S. oil rigs dropped by eight to a total of 354 last week, according to data from Baker Hughes (BHI).
During this time last year, there were 760 active rigs, Reuters noted.
After yesterday's market close, CONSOL energy announced that its Chief Commercial Officer and Executive VP James Grech has retired.
"As a result of CONSOL's recent sale of the Buchanan Mine and other remaining metallurgical coal assets, the company has continued with its corporate reorganization efforts to further align the administrative and commercial functions within its natural gas exploration and production (E&P) division and its thermal coal division," the company said in a statement.
No successor is to be appointed because of the company's corporate reorganization, CONSOL noted.
The Canonsburg, PA-based energy company operates through two divisions: oil and gas exploration and production and coal mining.
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 disappointing return on equity, generally disappointing historical performance in the stock itself, generally high debt management risk, poor profit margins 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: CNX