Crude oil (WTI) is diving by 4.38% to $30.78 per barrel this morning and Brent crude is falling by 3.92% to $30.92 per barrel, according to the CNBC.com index.
The price of the commodity reversed last week's gains as the global glut continues, Reuters reports.
Iraq said today that it has been producing record-high amounts of oil into an already oversupplied market. The country's output in December was as much as 4.13 million barrels a day, Reuters added.
Additionally, a senior Iraqi official said the country may raise production even more this year.
"The news that Iraq has probably hit another record builds on the oversupply sentiment," Hans van Cleef, senior energy economist at ABN Amro, told Reuters. "The oversupply will keep markets depressed and prices low, and on the other hand short positions are in excessive territory."
Continental Resources is an Oklahoma City-based independent crude oil and natural gas exploration and production company.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D+.
This is driven by several weaknesses, which the team believes 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 it covers.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
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.
You can view the full analysis from the report here: CLR