Crude oil (WTI) is down 5% to $31.72 per barrel and Brent oil is lower by 4.5% to $33.13 per barrel, according to the CNBC.com index.
The price of the commodity is falling on comments from Saudi Arabia's oil minister Ali Al-Naimi, who ruled out production cuts, Reuters reports.
Some analysts are doubtful that output cuts will help rebalance the market.
"If they freeze production at January levels when you're already over supplied by around a million barrels per day it just prolongs that situation of oversupply," Dominic Haywood, an analyst at Energy Aspects, told Reuters.
Last week, top producers Saudi Arabia and Russia proposed freezing output at January levels if other exporters did the same.
Marathon Oil is an energy company headquartered in Houston.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
This is driven by multiple 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, weak operating cash flow, 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 articles's author.
You can view the full analysis from the report here: MRO