Crude oil (WTI) is up 3.61% to $47.88 per barrel and Brent crude is advancing 2.47% to $49.01 per barrel this afternoon.
Oil prices are rising today on concerns about supply outages in Nigeria and Venezuela, and as Goldman Sachs (GS), which has been bearish on oil prices, seemed more positive about the market, Reuters reports.
"The oil market has gone from nearing storage saturation to being in deficit much earlier than we expected," the firm said in a note.
The investment bank now expects oil prices to increase to $50 per barrel in the second half of the year, above its April 22 outlook of prices trading between $40 and $45 in the second half, the Wall Street Journal noted.
The price of the commodity has gained more than 20% this year amid increasingly positive sentiment among traders and analysts.
WPX Energy is a Tulsa, OK-based oil and natural gas exploration and production company.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, weak operating cash flow, generally disappointing historical performance in the stock itself and generally high debt management risk.
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: WPX