Brent crude oil prices for December delivery fell 3% to $82.19 a barrel on London's ICE exchange. Brent last hit this price in October 2010, according to MarketWatch.
Saudi Arabia chose Tuesday to change oil prices sold to U.S. and Asian buyers due to weak forecast for European growth. The Middle Eastern nation reduced prices for the U.S. and increased prices for large buyers such as China. Saudi Arabia is trying to stay competitive amid slumping oil prices, and the move further drove prices down Tuesday.
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Separately, TheStreet Ratings team rates TRANSOCEAN LTD as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate TRANSOCEAN LTD (RIG) 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 growth in earnings per share, compelling growth in net income and attractive valuation levels. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year."