Crude oil (WTI) is dipping by 5.29% to $28.12 per barrel this afternoon and Brent crude is nosediving by 7.36% to $30.46 per barrel, according to the CNBC.com index.
The price of the commodity is falling on weak stock markets, expectations that record U.S. crude stockpiles will increase further and the continuing global glut, Reuters reports.
Weak demand forecasts from the Energy Information Administration (EIA) and the International Energy Information (IEA) further pressured oil prices.
"The longs have withdrawn from the market and the sellers are back in full force," Gene McGillian, analyst at Tradition Energy told Reuters.
Transocean is a Switzerland-based provider of offshore contract drilling services for oil and gas wells.
Separately, TheStreet Ratings Team has a "Sell" rating with a ratings score of D+ on the stock.
This is driven by multiple weaknesses, which 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 covered.
The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself and weak operating cash flow.
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.
You can view the full analysis from the report here: RIG