Originally, investors were hopeful about the meeting in Doha, Qatar next month between OPEC and non-OPEC members. But now, there's doubt as to whether the discussion about freezing output will have much impact on raising prices, Reuters reports.
Crude oil (WTI) is slipping by 2.69% to $38.33 per barrel and Brent crude is tumbling by 2.58% to $39.16 per barrel.
"Verbal intervention, which has obviously helped the market greatly over the past two months, combined with a production slowdown in the U.S., has probably taken (oil) as far as it can. Now the market really wants to see some action," Saxo Bank senior manager Ole Hansen stated.
Also putting pressure on oil futures today were the ongoing oversupply concerns.
Halliburton is a Houston-based oilfield service provider for the oil and gas industry.
Separately, Halliburton has a "hold" rating and a letter grade of C at TheStreet Ratings because of the company's strengths, such as solid financial position based on certain debt and liquidity measures, and its weaknesses, including disappointing return on equity, poor profit margins and weak operating cash flow.
You can view the full analysis from the report here: HAL
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.