WTI crude is rising 2.88% to $47.54 per barrel on the New York Mercantile Exchange, while Brent crude is increasing 3.33% to $48.76 per barrel on the Intercontinental Exchange this afternoon.
Oil prices are gaining after riskier asset became more appealing as expectations that the U.K. would leave the European Union declined, Reuters reports.
"It's mainly Brexit at the moment, at least until next Thursday, before people start to look at the more fundamental oil/commodity drivers again," Hans van Cleef, senior energy economist at ABN Amro, told Reuters.
In the U.S., energy firms added nine oil rigs this week, bringing the total oil rig count to 337, according to data from Baker Hughes (BHI), Reuters added.
Houston-based Marathon Oil is an oil and gas exploration and production company operating in North America, Europe and Africa.
Separately, Marathon Oil has a "sell" rating and a letter grade of D at TheStreet Ratings because of the company's poor profit margins, weak operating cash flow, generally disappointing historical performance in the stock itself, disappointing return on equity and feeble earnings per share growth.
You can view the full analysis from the report here: MRO
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.