Crude oil (WTI) is down by 4.27% to $36.28 per barrel and Brent oil is dropping by 3.38% to $39.46 per barrel this afternoon, according to the CNBC.com index.
Oil prices are sinking after comments by Kuwait's oil minister, who said the country would not lower its oil production unless Iran also froze production, the Wall Street Journal reports.
OPEC members are considering a freeze on production in order to improve oil prices. During the last month, oil prices have occasionally been boosted by news regarding the proposed freeze.
"I thought the $10 rally in oil prices was overextended at $5," Gene McGillian, a senior energy analyst at Tradition Energy, told the Journal. "The fundamental picture throughout this rally has not been supportive of a turnaround."
Based in Houston, Apache is an exploration and production company focused on natural gas, crude oil, and natural gas liquids.
Separately, 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.
TheStreet Ratings rates this stock as a "sell" with a ratings score of D. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself, generally high debt management risk and feeble growth in its earnings per share.
You can view the full analysis from the report here: APA