Crude oil (WTI) was slumping 1.57% to $46.89 per barrel and Brent crude was retreating 1.4% to $49.22 per barrel this afternoon.
Oil prices were dropping today amid caution over rising Middle East crude production and a stronger dollar, which was lifted by speculation of an interest rate hike soon, Reuters reports.
Commodities denominated in dollars are more expensive to foreign currency holders when the greenback is higher.
Iraq will continue increasing output, its oil minister said over the weekend. Major exporter Saudi Arabia has maintained production near record levels this month, Reuters noted.
Oil prices have jumped recently after indications from Saudi Arabia and other OPEC members that they may agree to a production freeze at a meeting in Algeria next month.
"The market is increasingly likely to discount the outcome of the event, given, even in the instance of a freeze being agreed, compliance will be an issue," Barclays said in a report cited by Reuters.
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