The price of the commodity is still trading in the red, however not by as much as it had been previously in the day. Data from Baker Hughes (BHI) showed that the oil rig count declined last week.
Crude oil (WTI) is sliding by 0.93% to $39.42 per barrel this afternoon and Brent crude is slipping by 0.40% to $40.31 per barrel.
The total number of rigs operating in the U.S. fell by 15 last week, the biggest slide since the middle of February, Reuters reports.
Earlier today oil prices fell as Wednesday's selloff was extended following U.S. stockpile data, which has investors focused once again on the continuing oversupply of oil.
The Department of Energy issued a report showing crude stocks had jumped by 9.4 million barrels last week, this is three times as high as analysts surveyed by the Wall Street Journal has expected. U.S. production is still over 9 million barrels per day.
Oasis Petroleum is an independent, Houston-based exploration and production company.
Separately, TheStreet Ratings has set a "sell" rating and a score of D on Oasis Petroleum stock. This is driven by several weaknesses, which TheStreet Ratings believes 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 it covers.
The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, weak operating cash flow, generally disappointing historical performance in the stock itself and generally high debt management risk.
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: OAS