Brent crude oil fell 1.1% to $99.70 a barrel, going as low as a 16-month low of $99.36 a barrel. U.S. crude fell to close to $92 a barrel, according to CNBC.
The lower crude prices followed reports that China's import growth fell for the second consecutive month in August.
Shares of energy companies including Anadarko Petroleum, Newfield Exploration (NFX) , EOG Resources (EOG) , and Pioneer Natural Resources (PXD) are falling following the news of the lower crude prices.
TheStreet Ratings team rates ANADARKO PETROLEUM CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate ANADARKO PETROLEUM CORP (APC) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."