Transocean (RIG) Hopping as Oil Prices Rebound

Shares of Transocean (NYSE:RIG) are jumping as oil prices rebound today.

In the U.S., June crude climbed $1.07 to $99.28, having jumped from a session low of $95.25 hit earlier in the session.

In London, Brent crude for June delivery rose $1.26 at $113.83 a barrel by 1:35 p.m. EDT, rising after slumping to a session low of $110.15.

According to the International Energy Agency, the demand for oil this year will drop to 1.29 million barrels a day against prior estimates of 1.43 mllion barrels a day.

The U.S. dollar fell 0.29 percent against a basket of six currencies as the euro strengthened after hints from European Central Bank policy maker Lee Coene that the interest rate boost in April won't be the last one.

Transocean (RIG) was trading at $67.15, gaining $0.91, or 1.37 percent, as of 2:52 PM EDT.