Crude oil (WTI) was down 1.2% to $47.07 per barrel while Brent crude was lower 1.18% to $49.33 per barrel this afternoon.
Oil prices declined following comments from OPEC member Iraq's energy minister this weekend indicating that the country would continue increasing production, Reuters reports.
Additionally, Saudi Arabia has maintained output near record high levels in August.
ConocoPhillips (COP) CEO Ryan Lance said at an industry conference recently that oversupplies could extend into 2017, according to Reuters.
Oil prices had fallen last week amid speculation that OPEC countries would agree to an output freeze during their upcoming informal meeting in September at the International Energy Forum. However, reports today from Iraq and Saudi Arabia cooled the bullish sentiment.
Whiting Petroleum is a Denver-based independent oil and natural 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