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ConocoPhillips (COP) Stock Advances on Higher Oil Prices

NEW YORK (TheStreet) -- ConocoPhillips (COP - Get Report) stock is gaining 2.42% to $42.66 in afternoon trading on Tuesday as oil prices benefit from output disruptions around the world.

WTI crude is rising 2.42% to $44.49 per barrel on the New York Mercantile Exchange, while Brent crude is increasing 3.92% to $45.34 per barrel on the Intercontinental Exchange this afternoon.

In Nigeria, production has been cut to a 22-year low because of attacks in the country, while Canadian production has fallen by 1.6 million barrels per day due to recent wildfires in the oil sands region, Reuters reports.

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