Crude oil (WTI) was retreating 2.81% to $44.99 per barrel and Brent crude was falling 2.28% to $47.22 per barrel this morning.
Oil prices were under pressure after the International Energy Agency (IEA) said that a slowdown in global oil demand growth and swelling inventories and increasing supply mean that the crude market will be oversupplied at least through the first six months of 2017, Reuters reports.
A month ago, the agency expected supply and demand to be largely in balance over the rest of this year and expected inventories to drop.
"It seems the situation has deteriorated strongly in the eyes of OPEC as well as the IEA," Commerzbank head of commodities strategy Eugen Weinberg told Reuters.
"I wouldn't be surprised to see this price weakness continue for a while, because that was not on the cards," he added.
Denbury Resources is a Plano, TX-based oil and natural gas company.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D- on the stock.
The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and deteriorating net income.
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: DNR