Crude oil (WTI) is rising by 1.02% to $48.57 per barrel. Brent crude is up by 0.62% to $48.65 per barrel, CNBC reports.
Oil prices could rise as much as $61 by next year, as the "epic" supply glut, which recently drove prices down, is coming to an end, Citigroup analysts tell CNN Money.
Recently, shares of Brazil-based Petrobras slipped after the country's planning minister announced he intends to conduct a corruption investigation surrounding the state-owned oil and gas company.
In addition, Petrobras received backlash from its oil workers after appointing Pedro Parente as the new CEO and president of the company. The workers argued that Parente favors privatizing certain aspects of the company, which will work against employees' best interests.
Separately, TheStreet Ratings Petrobras as a "sell" with a score of D.
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:
This is driven by some concerns, 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 that are covered.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: PBR.A