NEW YORK (TheStreet) -- Shares of Oasis Petroleum (OAS - Get Report) were advancing 5.29% to 9.35% in late morning trading on Wednesday as oil prices increased on a higher-than-expected weekly drop in crude stockpiles.
The Energy Information Administration reported this morning that U.S. crude inventories fell by 6.2 million barrels last week to 504.6 million barrels in total.
The drawdown was higher than analysts' expected 3.4 million-barrel draw, Reuters reports.
Additionally, Wall Street projects that OPEC members and other oil producers will come to an agreement about a production freeze next week during the International Energy Forum in Algeria.
At 2 p.m. EDT today, the Federal Reserve will issue a decision about upcoming fiscal policy. Analysts speculate the central bank will not raise interest rates at this time, Reuters notes.
The speculation has weighed on the U.S. dollar today, positively impacting oil prices as the commodity becomes cheaper and more attractive to foreign investors.
Crude oil (WTI) was up 2.27% to $45.05 per barrel this morning while Brent crude was advancing 1.81% to $46.71 per barrel.
Oasis Petroleum is a Houston-based independent oil exploration and production company.
Separately, 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 rated this stock as a "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, generally high debt management risk, disappointing return on equity and weak operating cash flow.
You can view the full analysis from the report here: OAS