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WPX Energy (WPX) Stock Rises as Oil Prices Rally

NEW YORK (TheStreet) -- WPX Energy (WPX - Get Report) stock is increasing by 5.35% to $8.27 in afternoon trading on Tuesday, after oil prices jumped following lower estimates for production.

WTI is up 3.48% to $47.87 per barrel, while Brent crude is rising 3.74% to $51.09 per barrel this afternoon, according to the index.

U.S. crude oil production is expected to decline to 8.86 million barrels per day next year, from an estimated 9.25 million barrels per day this year, according to the U.S. Energy Information Administration.

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Global consumption of petroleum and other liquids is expected to reach 95.2 million barrels per day in 2016, compared with the forecast of 93.79 million barrels per day in 2015.

Additionally, countries who were against curbing production are considering their options amid low oil prices.

Russia and Saudi Arabia have been discussing the current oil market, while OPEC Secretary-General Abdullah al-Badri said OPEC and non-OPEC members should collaborate on efforts to reduce oversupply, Reuters reports.

Tulsa, OK-based WPX Energy is an independent natural gas and oil company...