Crude oil (WTI) is down 1.01% to $48 per barrel and Brent crude is sliding 1.63% to $49.02 per barrel this afternoon.
Oil prices are set for their fifth consecutive day of declines as global markets slumped on concerns that Britain could leave the European Union, Reuters reports.
But prices clipped some losses after the Federal Reserve decided to leave interest rates unchanged this afternoon.
U.S. crude stocks declined by 933,000 barrels last week, according to data from the Energy Information Administration (EIA). Analysts were expecting a 2.3 million-barrel drop in stockpiles.
However, the EIA data also showed a larger-than-expected decline in gasoline vs. an unexpected build in distillates, which includes diesel, Reuters noted.
"In short, this data will do little to move the needle in either direction for oil prices and the energy market will continue to get its cue from macro-economic environment and global equity markets," Chris Jarvis, analyst at Caprock Risk Management, told Reuters.
WPX Energy is a Tulsa, OK-based oil and natural gas exploration and production company.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, weak operating cash flow, generally disappointing historical performance in the stock itself and generally high debt management risk.
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: WPX