Last week, the number of rigs operating in U.S. oilfields dropped by 4 to a total of 328. During the same time last year, drillers were operating a total of 669 rigs.
Also giving oil prices a boost today was a huge wildfire in Alberta, Canada that forced oil-sands companies in the area to close down operations yesterday, Reuters reports.
Crude oil (WTI) is spiking 1.24% to $44.87 per barrel and Brent crude is jumping 1.44% to $45.66 per barrel.
However, since the global supply glut still exists, it's possible oil prices could turn lower in the future, CNBC said.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D.
The company's weaknesses can be seen in multiple areas, such as its poor profit margins, weak operating cash flow, generally disappointing historical performance in the stock itself 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 article's author.
You can view the full analysis from the report here: MRO