Crude oil was down 0.79% to $42.68 per barrel and Brent crude was lower by 1.15% to $44.87 per barrel.
Earlier today, the Energy Information Administration raised its outlook for U.S. crude production in 2016 to 8.73 million barrels per day vs. previous estimates of 8.61 million barrels per day. The U.S. produced an average of 9.43 million barrels of crude oil per day in 2015.
The increase follows an uptick in the number of domestic rigs drilling for crude oil, MarketWatch reports.
On Monday, Qatar's energy minister and president of OPEC said the 14-member group will meet in September, fueling speculation that several members will call for a drop in production rates.
OPEC members produced crude near record-highs in July, fueling further concern over a global oversupply.
Western Refining, based in El Paso, TX, is a crude oil refiner.
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 attractive valuation levels and notable return on equity. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, poor profit margins and weak operating cash flow.
You can view the full analysis from the report here: WNR