NEW YORK (TheStreet) --Shares of Oasis Petroleum Inc. (OAS) - Get Report are down by 2.92% to $13.65 in mid-afternoon trading on Tuesday, as a stronger dollar and concerns over global supply growth send oil prices into the red today.

Crude oil (WTI) is lower by 2.94% to $48.53 per barrel and Brent crude is slipping by 3.42% to $56.53 per barrel this afternoon, according to the CNBC.com index.

The dollar rallied today as expectations of a mid-year interest rate hike sent the currency jumping to multi-year highs, Reuters reports. As it rises, dollar dominated commodities become more expensive for those that hold other currencies.

"The dollar's might is creating unexpected headwinds for oil. Brent particularly is taking it harder than WTI as people unwind and take profit in the spread between the two," Tyche Capital Advisors' Tariq Zahir told Reuters.

Also helping to send oil prices plummeting today are concerns that global crude inventories will continue to increase now that the winter weather is starting to abate, the Wall Street Journal reports.

With parts of the U.S. slammed by large snow storms and freezing temperatures, demand for heating oil in February helped prices stabilize.

Now that the weather is warming up demand for crude oil will go down, the Journal noted.

"Most of the supportive factors for Brent are starting to fade. We expect prices to fall in the coming weeks," Energy Aspects said in a note issued on Monday, the Journal added.

Insight from TheStreet's Research Team:

Daniel Dicker commented on Oasis Petroleum in a recent post on RealMoney.com. Here's what Dicker had to say about the stock:

There's a bit of a conundrum going on in oil these days, as money continues to pour into energy companies and their bonds, mostly through fully subscribed secondaries. Valuations are still very high compared to $50 oil, and cash-rich companies like Exxon Mobil (XOM) - Get Report are chomping at the bit to buy core assets from the walking dead.

Major names in oil are still being valued by oil prices in the far back of the curve. While we know quite well that oil prices are unsustainable below $75 forever, that doesn't mean the weeding-out of weak players does not have to happen first before a recovery can begin. Right now, it's hard to see where that blood is going to come from.

Even the most financially challenged oil company has had some success in finding new financing to extend their time limits. Look at Oasis Petroleum, which easily oversubscribed a $400 million secondary, even though shares immediately traded under their inside pricing. They follow Diamondback Energy (FANG) - Get Report, Noble (NBL) - Get Report, Bonanza Creek (BCEI) - Get Report and others in being easily able to raise fresh capital and extend their timeline before assets need to be sold.

Want more information like this from Daniel Dicker and more of Wall Street's sharpest minds BEFORE your stock moves? Learn more about RealMoney.com now.

Separately, TheStreet Ratings team rates OASIS PETROLEUM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate OASIS PETROLEUM INC (OAS) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, reasonable valuation levels and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and a generally disappointing performance in the stock itself."

You can view the full analysis from the report here: OAS Ratings Report