The U.S. Energy Information Administration said that crude inventories grew by 2.5 million barrels last week. Analysts were expecting a draw of 500,000 barrels, according to Reuters.
The increase cooled bullish sentiment following reports yesterday that Iran was allegedly considering support of an output freeze.
OPEC members are set to meet in September at the International Energy Forum in Algeria, where analysts expect them to renew talks to bolster the oil market, Reuters reports.
Crude oil (WTI) was down 3.18% to $46.57 per barrel while Brent crude was falling 2.22% to $48.85 per barrel this afternoon.
Whiting Petroleum, based in Denver, is an independent oil and gas 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 "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