Crude oil (WTI) is diving 5.28% to $30.49 per barrel and Brent crude is tumbling 4.44% to $30.75 per barrel, according to the CNBC.com index.
Iraq's oil ministry said today that oil production reached a record high in December, concerning investors amid a heavily over-saturated market, according to Reuters.
Its field in the central and southern region pumped as much as 4.13 million barrels a day.
"The news that Iraq has probably hit another record builds on the oversupply sentiment," said Hans van Cleef, senior energy economist at ABN Amro, Reuters reports.
Separately, TheStreet ratings currently has a Sell rating on the stock with a letter grade of D.
This is driven by multiple weaknesses, which can be seen in multiple areas, such as its feeble growth in earnings per share, deteriorating net income, generally high debt management risk, disappointing return on equity 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: WLL