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Oasis Petroleum (OAS) Stock Higher with Oil Prices on Lower Production

NEW YORK (TheStreet) -- Oasis Petroleum (OAS - Get Report) stock is advancing by 8.07% to $13.94 in midday trading on Thursday, as U.S. production optimism outweighs supply data and boosts oil prices.

Even though U.S. inventories rose by 3.1 million barrels last week, above estimates of 2.2 million barrels, investors are still expecting U.S. production to fall amid spending cuts, Reuters reports.

The market's current oversupply is priced into the market, and traders are focusing instead on indications of future production, energy-advisory firm Ritterbusch & Associates said, according to the Wall Street Journal.

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Further, Russia's escalated involvement in Syria is contributing to uncertainty in the Middle East, one of the world's biggest oil-producing regions, which...