Crude oil (WTI) is increasing by 0.24% to $49.13 per barrel this afternoon and Brent crude is up by 0.44% to $49.94 per barrel.
Oil prices are higher this afternoon as investors weighed data showing a decline in U.S. crude stockpiles against OPEC's decision not to freeze output, the Wall Street Journal reports.
U.S. crude stocks dropped by 1.4 million barrels last week, according to data from the Energy Information Administration (EIA) today.
The data shows how over a year of low prices and spending reductions by oil companies are leading to decreasing supplies. This is helping to reduce the global glut without intervention from OPEC, the Journal noted.
OPEC decided not to freeze output at its meeting today in Vienna.
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