Crude oil (WTI) was sinking 2.93% to $46.69 per barrel and Brent crude was dropping 2.08% to $48.92 per barrel this afternoon.
Oil prices were under pressure today following an unexpected stockpile build, Reuters reports.
The Energy Information Administration (EIA) said crude inventories climbed by 2.5 million barrels last week. Analysts were expecting a decline of 500,000 barrels.
"I cannot continue to stress that at this time of year we are supposed to be getting draws," Tariq Zahir of Tyche Capital Advisors told Reuters, referring to the summer inventory drawdowns anticipated during peak demand for motor fuels.
"But instead, we're seeing a build in every single aspect that's quite eye opening. The Street has gotten it wrong again, with predictions that you'll start getting rebalancing of supply-demand in the third quarter," he added.
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 and disappointing return on equity.
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