Oil prices are being pressured after Iraq reported record-breaking output last month, Reuters reports. The country produced as much as 4.13 million barrels per day in December, according to Reuters.
"The news that Iraq has probably hit another record builds on the oversupply sentiment," said Hans van Cleef, senior energy economist at ABNAmro, told Reuters. "The oversupply will keep markets depressed and prices low, and on the other hand short positions are in excessive territory."
Crude oil (WTI) is down by 4.72% to $30.67 per barrel and Brent oil is down by 3.95% to $30.91 per barrel, according to the CNBC.com index.
Based in the Woodlands, TX, Anadarko is an exploration and production company.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated the stock as a "sell" with a ratings score of D. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, weak operating cash flow and generally high debt management risk.
You can view the full analysis from the report here: APC