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Encana (ECA) Stock Rising on Higher Oil Prices

NEW YORK (TheStreet) -- Shares of Encana Corp. (ECA - Get Report) are spiking by 4.62% to $7.93 in midday trading on Tuesday, as some stocks within the energy sector rally along with the price of oil.

Crude oil prices reached a one-month high today following a forecast for U.S. oil, which showed that expectations are for tighter supplies in 2016, Reuters reports.

Also 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 3.39% to $47.83 per barrel this afternoon and Brent crude is advancing by 3.57% to $51.01 per barrel, according to the index.

Encana is a Calgary-based explorer, developer, producer and marketer of natural gas, oil and natural gas liquids.

Separately, TheStreet Ratings team rates ENCANA CORP as a Sell with a...