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Encana (ECA) Stock Is Up on Higher Crude Oil Prices

NEW YORK (TheStreet) --Shares of Encana (ECA - Get Report) were gaining 6.6% to $7.66 on Monday as oil prices were increasing for the second session in a row.

WTI crude oil for November delivery was up 1.87% to $46.39 a barrel Monday afternoon, and Brent crude oil for November delivery was up 2.49% to $49.33 a barrel.

Prices of the commodity were rising after Russia announced it is ready to meet with other oil producers to talk about the oil market, according to Reuters.

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Russia, one of the world's leading oil producers, was recently unwilling to decrease its output to help keep oil price higher. The country refused to cooperate with the Organization of the Petroleum Exporting Countries in November so it could maintain its high market share, according to the news service.

"Geopolitical tension created by Russia's involvement in Syria makes cooperation with OPEC highly unlikely," PVM Oil Associates oil analyst Tamas Varga told Reuters. "But talk of such collaboration is supporting prices short-term."

A recent decrease in the number of oil rigs in operation in the U.S. also helped bring up oil prices. On Friday, Baker Hughes (BHI) said the U.S. rig count fell by 26 to 614 rigs in the last week.

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