A strengthening greenback usually makes it more costly for foreign investors to hold dollar-denominated commodities like oil.
Crude oil (WTI) is declining 0.6% to $47.87 per barrel and Brent crude is sliding 0.29% to $48.67 per barrel.
Looking ahead, investors will be watching for signs of stabilization in the oil market, Reuters noted.
Earlier today, Baker Hughes (BHI) released its U.S. oil rig count data. The number of oil rigs drilling in the fields this week totalled 318, unchanged from the previous week's count.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
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 article's author.
You can view the full analysis from the report here: ECA