Crude oil (WTI) was recently jumping 3.69% to $46.12 per barrel and Brent crude was advancing 3.44% to $47.47 per barrel.
Oil prices were sharply higher this afternoon as the world's top producers met in Algeria to discuss ways to support prices, Reuters reports.
OPEC and other major exporters led by number one producer Russia are meeting informally on the sidelines of the International Energy Forum in Algeria from September 26 to 28 to discuss how to handle the global oversupply.
Some analysts said implementation of an output freeze will only occur after OPEC's policy meeting in Vienna in November, Reuters noted. Until then, OPEC and non-OPEC producers are likely to boost production.
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 and disappointing return on equity.
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