NEW YORK (TheStreet) -- Shares of WPX Energy (WPX - Get Report) are gaining by 7.56% to $9.96 in midday trading on Thursday, as the rally in oil prices drives some energy and related stocks into the green.

Crude oil (WTI) is up by 1.63% to $46.04 per barrel and Brent crude is soaring by 1.97% to $48.11 per barrel.

The price of the commodity is trading in positive territory, hitting fresh 2016 highs for the third consecutive day, as the dollar weakens, Reuters reports. Assets dominated by the greenback become less expensive to those that hold other currencies when the dollar declines.

Investors are beginning to look beyond record high U.S. crude inventories and the continual output of oil from key producers despite the global market glut.

"Clearly, the market is primarily focused on the forward supply-and-demand picture while continuing to push the bearish nearby fundamentals further into the background," Dominick Chirichella, a senior partner at Energy Management Institute, told Reuters.

Separately, TheStreet Ratings has set a "sell" rating and a score of D on WPX Energy stock. This is driven by a number of negative factors, which TheStreet Ratings believes 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 it covers.

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.

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