Crude oil (WTI) was rising 2.83% to $51.22 per barrel and Brent crude was climbing 2.06% to $53 per barrel this afternoon.
Oil prices were gaining today after Russia said it was prepared to join OPEC in reducing crude output, while Algeria asked for similar actions from other non-OPEC members, Reuters reports.
Additionally, Russian President Vladimir Putin said a production freeze or lowering output were likely the only correct decisions to keep stability in the energy industry, Reuters noted.
OPEC plans to agree on cutting about 700,000 barrels per day prior to its meeting in Vienna on November 30.
"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, a partner at energy hedge fund Again Capital, told Reuters.
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