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ConocoPhillips (COP) Stock Up, Oil Prices Rally

NEW YORK (TheStreet) -- Shares of ConocoPhillips (COP) are up 2.77% to $44.21 midday Monday as oil prices rally.

Crude oil (WTI) is up 1.35% to $47.56 per barrel as Brent climbs 1.12% to 48.95 per barrel.

Oil has generally been on the rise the past two weeks due to non-OPEC supply outages in Nigeria, declining U.S. production and virtually frozen cash inflow of Canadian oil after the Alberta wildfires, Reuters reports.

In addition, ConocoPhillips' stock price target was increased to $2.33 from $2.21 and its "buy" rating was maintained at Deutsche Bank.