NEW YORK (TheStreet) -- Shares of North American Drilling (NADL) plunged more than 9% to a 52-week low of $2.31 on Friday after OPEC decided earlier this week not to cut oil production, which could leave the market oversupplied.
Crude oil prices plummeted 6.5% to $69.38 per barrel on Friday, the largest one-day decline since May 2011 and the lowest price since 2010. Brent futures declined to $71.12, the lowest price since July 2010.
"We are seeing continued oversupply," said Bill Hubard, chief economist at Markets.com, according to CNBC. "I think $70 a barrel will be the new norm. We could see oil go considerably lower."NADL data by YCharts