Crude oil (WTI) is down 2.58% to $46.41 per barrel and Brent crude is falling 2.38% to $47.26 per barrel this afternoon.
Oil prices are dropping today amid a stronger dollar and higher safe-haven demand after the U.K. unexpectedly decided on Friday to exit the European Union, the Wall Street Journal reports.
The decision has shaken investors' confidence in the stability of the global economy and has prompted them to seek out "safer" assets such as gold and the U.S. dollar, the Journal notes.
Additionally, commodities denominated in dollars such as oil are more expensive to foreign currency holders when the greenback is strong.
Crude's decline today is "still very, very much tied to global markets rather than oil fundamentals, at least for now," Scott Shelton, broker at ICAP, told the Journal, "Fundamentals are not near-term strong enough to get anyone to stand in front of a liquidation selloff."
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