Crude oil (WTI) is lower by 0.08% to $38.29 per barrel and Brent crude is advancing by 0.79% to $39.57 per barrel this afternoon.
"The global oversupply is continuing to persist with no signs that rebalancing has begun or is even near beginning," the Energy Management Institute said in a note, cited by the Wall Street Journal.
A dozen countries have officially said they are attending an April 17 meeting in Qatar with OPEC and non-OPEC exporters to discuss freezing production, the Qatar Energy Minister Mohammed Saleh al-Sada said today.
"An agreement to cap production is urgently needed," Commerzbank analysts said, according to the newspaper, as OPEC output will otherwise likely increase more in the next few months.
Oil prices wavered in early trading, then the benchmark U.S. contract turned negative and then rebounded, the Journal added.
Denbury Resources is a Plano, TX-based independent oil and natural gas company.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D- on the stock.
This is driven by a few notable weaknesses, which 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 covered.
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: DNR