WTI crude is up 3.64% to $47.89 per barrel on the New York Mercantile Exchange, while Brent crude is rising 2.57% to $49.06 per barrel on the Intercontinental Exchange this afternoon.
Last week, crude production in Nigeria was affected by a series of attacks, but Exxon Mobil (XOM) is already planning to boost output to make up for the losses, Reuters reports.
Canadian output was severely affected by wildfires in Alberta's oil sands region, while U.S. crude production has also fallen recently.
These unexpected oil outages could lead to a crude deficit in May, according to Goldman Sachs analysts.
Petrobras, a Brazilian state-run energy company, could benefit from the impeachment of Brazilian President Dilma Rousseff, who faces charges of breaking state budget laws, according to Deutsche Bank analysts, Reuters noted.
Rousseff's replacement, Vice President Michel Temer, is more likely to establish policies that are advantageous to the business sector.
Separately, Petrobras has a "sell" rating and a letter grade of D at TheStreet Ratings because of the company's deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing stock performance.
You can view the full analysis from the report here: PBR.A
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.