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Nabors Industries (NBR) Stock Surging on Gain in Oil Prices

NEW YORK (TheStreet) -- Shares of Nabors Industries (NBR - Get Report) are rising by 11.19% to $11.53 on Tuesday afternoon, as energy stocks are driven into the green today due to the spike in oil prices.

The commodity is trading higher, reaching a one month high earlier in the day, following a forecast for U.S. oil, which showed that expectations are for tighter supplies in 2016, Reuters reports.

Adding to the jump in prices is a weak dollar and expectations for a decline in the U.S. rig count again this week, following last week's reduction.

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Earlier in the day, oil was up on profit taking following gains in the previous session, which came about due to signals that some of the biggest producers of crude in the world will come together to support prices, Reuters added.

Crude oil (WTI) is gaining by 4.89% to $48.52 per barrel this afternoon and Brent crude is advancing by 5.28% to $51.85 per barrel, according to the index.

Nabors Industries is a Hamilton, Bermuda-based oil, natural gas and geothermal drilling contractor.

Separately, TheStreet Ratings team rates NABORS INDUSTRIES LTD as a Sell with a...