Crude oil (WTI) is sliding by 0.16% to $49.48 per barrel and Brent crude is lower by 0.02% to $49.73 per barrel, CNBC reports this afternoon.
Although both Brent and West Texas Intermediate prices hit a $50 per barrel milestone earlier today, next week's OPEC meeting may doom oil prices, TheStreet's Scott Gamm reports.
Iran is set on increasing production to its pre-sanction levels and Saudi Arabia will not agree to a production freeze until Iran does, according to Gamm.
Supply outages in countries such as Nigeria, an end to the U.S. oil supply glut and Canadian facilities disrupted by wildfires all contributed to today's earlier rally in prices.
In addition, Jefferies increased its price target on the stock to $192 from $164 and maintained its "buy" rating after Pioneer reported solid first quarter earnings last month.
In late April, The Irving, TX-based oil and gas producer reported an adjusted net loss of 64 cents per share on revenue of $685 million, compared to analysts' expectations of a loss of 78 cents per share on revenue of $736.63 million.
"Producers generally met/beat expectations. Capex outlook remained very stable and hedging additions were light," Jefferies analysts said in an investor note.