WTI crude was down 2.56% to $48.76 at 10:55 a.m., while Brent crude was down 1.92% to $52.09, according to CNBC.
Civeo, a spinoff of Oil States International(OIS) - Get Report , has fallen in the last week after hedge fund JANA Partners disclosed it had sold its entire stake in the company. JANA was the largest shareholder in Civeo before the sale, with an 11.5% stake as of October 22.
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Civeo also disclosed in a regulatory filing on Monday that two of its board members, Alexander Greene and Michael Ashner, have resigned, effective January 2.