WTI crude is declining 3.35% to $38.07 per barrel on the New York Mercantile Exchange, while Brent crude is decreasing 3.40% to $38.90 per barrel on the Intercontinental Exchange this morning.
Investors remained concerned about the surplus in crude oil and skeptical about the potential outcome of a meeting next month between some oil-producing countries, Reuters reports. OPEC, Russia and other producers will meet on April 17 to discuss freezing production to boost prices.
"Verbal intervention, which has obviously helped the market greatly over the past two months, combined with a production slowdown in the U.S., has probably taken (oil) as far as it can," Ole Hansen, a senior manager at Saxo Bank, told Reuters. "Now the market really wants to see some action."
ConocoPhillips is a Houston-based oil and gas exploration and production company.
Separately, ConocoPhillips has a"sell" rating and a letter grade of D+ at TheStreet Ratings because of the company's deteriorating net income, disappointing return on equity, poor profit margins, weak operating cash flow and generally disappointing stock performance.
You can view the full analysis from the report here: COP
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 article's author.