Crude oil (WTI) was up 2.99% to $51.30 per barrel while Brent crude was rising 2.41% to $53.18 per barrel this afternoon.
Oil prices gained after Russian President Vladimir Putin said Russia would join OPEC's efforts to limit production in upcoming months, Reuters reports.
Russia is not an OPEC member, but Putin added that other non-OPEC producers should consider joining an output agreement.
"Putin coming out to say Russia will be part of the initiative has added another layer of credence to the speculation there will be a coordinated cut," John Kilduff, partner at energy hedge fund Again Capital, told Reuters.
Separately, Citigroup said earlier today that offshore drillers like Transocean continued to feel pressure in the third quarter, Barron's reports.
The firm noted that many drilling contracts are being cancelled, leading to lower investor confidence.
"Given the 52 global rigs currently contracted but on standby, we can't rule out more cancellations through year end regardless of a further rally in crude," Citi added.
Transocean is a Swiss-based offshore contract drilling 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 "hold" with a ratings score of C-.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow, a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share.
You can view the full analysis from the report here: RIG