The price of the commodity is trading in the green on the expectation that there will be a drawdown in U.S. crude inventories, which has reinforced the belief that the global oil market is tightening, the Wall Street Journal reports.
Crude oil (WTI) is now up by 1.10% to $47.95 per barrel and Brent crude is up by 0.94% to $49.26 per barrel.
The American Petroleum Institute announced late Wednesday that its figures for the week ended July 1 show a 6.7 million barrel decrease in crude supplies, a 3.6 million barrel decline in gasoline stocks, and a 2.3 million barrel dip in distillate inventories.
The Energy Information Administration will release its figures for the same week at 11 a.m. ETD today.
Additionally, Marathon Oil stock is also rising today following a rating upgrade to "strong buy" from "market outperform" at Raymond James.
Marathon Oil is a Houston-based exploration and production company with operations in North America, Europe and Africa.
Separately, TheStreet Ratings has set a "sell rating and a score of D on Marathon Oil stock. 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 it covers.
The company's weaknesses can be seen in multiple areas, such as its poor profit margins, weak operating cash flow, generally disappointing historical performance in the stock itself, disappointing return on equity and feeble growth in its earnings per share.
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: MRO