The U.S. Energy Information Administration (EIA) said earlier today that U.S. crude stockpiles grew by 2.5 million barrels last week to a total of 523.6 million barrels.
Analysts had been projecting a draw of 500,000 barrels for the week, Reuters reports.
Gasoline and distillate stocks also grew, according to the EIA.
Oil prices had gained earlier this week on speculation that OPEC member Iran would call for an output freeze during the International Energy Forum in Algeria next month, but the EIA's report today reversed the bullish sentiment.
Crude oil (WTI) was falling 2.77% to $46.77 per barrel while Brent crude was declining 1.78% to $49.07 per barrel this afternoon.
Marathon Oil is a Houston-based oil exploration and production company.
Separately, 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 rated this stock as a "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow, generally disappointing historical performance in the stock itself and disappointing return on equity.
You can view the full analysis from the report here: MRO