Crude oil (WTI) was climbing 2.78% to $45.91 per barrel and Brent crude was increasing 3.28% to $47.48 per barrel this afternoon.
Oil prices were rising amid speculation that OPEC members could have an agreement in November to limit production, Reuters reports.
Members of OPEC could announce an output freeze deal later today at informal discussions held on the sidelines of the International Energy Forum in Algiers, two OPEC sources told Reuters.
Full details of the agreement may only be available at the group's policy meeting in Vienna in November, they added.
Additionally, U.S. crude inventories declined by 1.9 million barrels last week, according to the Energy Information Administration (EIA) reported. Analysts had expected an increase of 3 million barrels.
"The report is bullish," John Kilduff, partner at energy hedge fund Again Capital, told Reuters, "Low imports continue to drag down overall crude inventories, defying expectations of a strong rebound."
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