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Actionable news in NE: NOBLE CORPORATION,

Noble Corp. (NE) Stock Higher with Oil Prices on Supply Optimism

NEW YORK (TheStreet) -- Noble Corp. (NE - Get Report) stock is increasing by 7.12% to $12.94 in afternoon trading on Tuesday, on indications that the U.S. and global oil supply is decreasing.

Based in London, Noble Corp. is an offshore drilling contractor for the oil and gas industry worldwide.

A new U.S. government forecast that estimates oil supplies will be lower in 2016, and signs that Russia, Saudi Arabia and other major producers might meet to discuss the oversupplied market are pushing up prices this afternoon, Reuters reports.

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Additionally, OPEC Secretary-General Abdalla Salem el-Badri said at a conference today that global oil investments will be slashed by $130 billion in 2015, which will likely lead to lower supplies and higher prices, according to the Wall Street Journal.

After jumping by as much as $2 today, crude oil (WTI) is gaining by 4.69% to $48.43 per barrel this...