Crude oil (WTI) is slumping 4.88% to $31.76 per barrel and Brent crude is plunging 4.32% to $33.19 per barrel.
Futures were lower today after Saudi Oil Minister Ali Ibrahim Naimi said production cuts will not happen. However, exporters will hopefully meet in March to negotiate an output freeze, he said, according to CNBC.com.
"Freeze is the beginning of a process, and that means if we can get all the major producers to agree not to add additional balance, then this high inventory we have now will probably decline in due time. It's going to take time," Naimi added.
Last week, Saudi Arabia, Russia, Qatar and Venezuela proposed a freeze that would put a lid on production at January levels.
However, falling oil is good for airlines that now have extra cash on hand.
Separately, TheStreet Ratings currently has a "Buy" rating on the stock with a letter grade of A-.
The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, notable return on equity, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel its strengths outweigh the fact that the company shows low profit margins.
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: DAL