Crude oil (WTI) was down 4.04% to $44.45 per barrel while Brent crude was falling 3.63% to $45.92 per barrel this afternoon.
Earlier today oil reversed gains from earlier this week after reports that Saudi Arabia did not expect OPEC and other producers to reach an agreement about output levels next week, Bloomberg notes, citing sources.
OPEC countries and other major producers will meet on September 28 at the International Energy Forum in Algeria.
Officials from Saudi Arabia and Iran also met in Vienna this week to discuss production figures but reached no breakthrough, sources told Reuters.
Additionally, the Baker Hughes (BHI) weekly rig count released earlier today reported that U.S. drillers added 2 rigs this week to total 418 active units.
More than 24.07 million shares of Whiting Petroleum, a Denver-based independent oil and gas company, have traded so far today vs. the 30-day average volume of 22.65 million shares.
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 "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: WLL