Oil prices are slipping after Saudi Arabian Oil Minister Ali al-Naimi said the country would not cut oil production, the Wall Street Journal reports.
OPEC members are considering a freeze on oil production in order to combat sinking prices.
"Prices are likely to continue rising and falling until there are clear indications that the oil supply is declining," Commerzbank said in a note, according to the Journal. "So far, prices are only being driven up by hopes that this is the case. If, on the other hand, doubts about this grow, prices will fall again."
Crude oil (WTI) is down by 4.70% to $31.82 per barrel and Brent oil is falling by 4.06% to $33.28 per barrel this afternoon, according to the CNBC.com index.
Based in Canada, Encana is an exploration and production company focuses on natural gas, oil and natural gas liquids.
Separately, 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.
TheStreet Ratings rates this stock as a "sell" with a ratings score of D. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
You can view the full analysis from the report here: ECA