Brent crude oil prices for December delivery dropped 3% to $82.19 a barrel on London's ICE exchange. Brent last traded at 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 lowered prices for the U.S. and raised prices for large buyers such as China. Saudi Arabia is trying to stay competitive amid dropping oil prices, and the move further drove prices down Tuesday.
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Separately, TheStreet Ratings team rates HALCON RESOURCES CORP as a "hold" with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate HALCON RESOURCES CORP (HK) 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, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."