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.
Emerald Oil declined despite its third-quarter revenue beat. The company posted revenue of $39.9 million for the quarter, which beat the $32.3 million expected by Zacks Investment Research. Emerald Oil reported earnings of 7 cents a share, in line with analysts' expectations.
Separately, TheStreet Ratings team rates EMERALD OIL INC as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate EMERALD OIL INC (EOX) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income and generally disappointing historical performance in the stock itself."