Crude oil (WTI) is down 1.93% to $42.09 per barrel and Brent crude is falling 2.34% to $43.82 per barrel.
New reports from the U.S. Energy Information Administration this morning revealed that domestic crude supplies rose by 1.7 million barrels for the week ending July 22. Analysts had expected a drop of 2.6 million barrels, MarketWatch reports.
The information fuels rising concern over a world-wide supply glut for oil.
Also, the World Bank issued an updated forecast for crude oil prices for the year today, bringing estimates up to $43 per barrel from a previous $41 per barrel forecast released in April. The bank cited supply disruptions in May and June that removed up to 2.5 million barrels from production daily as heavily impacting its update, CNBC reports.
Transocean is a Swiss offshore contract drilling services 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 "hold" with a ratings score of C-.
The company's strengths can be seen in multiple areas, such as its compelling growth in net income, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, TheStreet Ratings finds that the stock has had a generally disappointing performance in the past year.
You can view the full analysis from the report here: RIG