WTI crude is falling 1.13% to $39.34 per barrel on the New York Mercantile Exchange, while Brent crude is declining 0.54% to $40.25 per barrel on the Intercontinental Exchange this afternoon.
Last week, U.S. commercial crude oil inventories increased by 9.4 million barrels to a record high of 532.5 million barrels, according to U.S. Energy Information Administration data released on Wednesday.
"A dose of reality (has) derailed the current perception (of a) rally, at least for the time being," Energy Management Institute analyst Dominick Chirichella told Reuters.
Additionally, an agreement to freeze production between Russia and certain OPEC members would be pointless, considering Saudi Arabia is the only country that could increase production, an International Energy Agency senior executive said, Reuters noted.
Brazil-based Petrobras is a state-run energy company that is a part of Real Money's "Stressed Out" index.
Separately, Petrobras has a "sell" rating and a letter grade of D at The Street Ratings because of the company's disappointing return on equity, weak operating cash flow, disappointing stock performance and generally high debt management risk.
You can view the full analysis from the report here: PBR.A
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.