It seems that the world's top oil traders believe the worst is over for the beaten down commodity and some speculate that prices could reach $50 per barrel by next year, Bloomberg reports.
"The down market is behind us," Torbjorn Tornqvist, CEO of Gunvor Group Ltd., said on Tuesday at the FT Global Commodities Summit, Bloomberg added. "It is the beginning of the end of that for sure."
Crude oil (WTI) is higher by 2.58% to $41.40 per barrel this morning and Brent crude is up by 2.66% to $43.97 per barrel.
Oil is rebounding following a decline it its lowest level in over a decade as signs show the global supply glut will ease as the U.S. output drops.
"I believe we've seen the bottom unless there is some sort of catastrophic situation, political or otherwise," Trafigura Group Pte CEO Jeremy Weir said, Bloomberg noted.
Additionally, oil prices are rising on the hope that oil producers will agree to an output freeze when they meet in Doha on April 17.
WPX Energy is a Tulsa, OK-based an independent natural gas and oil exploration and production company that is engaged in the exploitation and development of unconventional properties.
Separately, TheStreet Ratings has set a "sell" rating and a score of D- on WPX Energy stock.
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 has this to say about the recommendation:
We rate WPX ENERGY INC as a Sell with a ratings score of D-. This is driven by some concerns, 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, weak operating cash flow, generally high debt management risk and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: WPX