NEW YORK (TheStreet) -- Shares of Laredo Petroleum Inc. (LPI) are lower by 6.12% to $9.81 in mid-morning trading on Monday, as energy stocks across the board are still declining following Friday's drop in oil prices, after OPEC made the decision not to cut crude production.
On Friday, oil settled at its lowest levels in five year, OPEC's decision not to reduce production increased fears that the current glut in the oil market will continue, MarketWatch reported.
Early on Monday light, sweet oil for January delivery fell as low as $63.72 per barrel before beginning to rebound later in the morning, the Wall Street Journal reports.
This morning Brent Crude rose above $71 per barrel, appearing to rebound from Friday, Reuters reports.
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However, "the market is still very much in panic mode," the chief oil analyst at Energy Aspects told Reuters. "Once we get over the panic, Brent prices will probably stabilize at around $65-$80 a barrel in the short term."
Other oil stocks declining today include Energen Corp. (EGN) , lower by 3.83% to $57.43, Legacy Reserves LP (LGCY) , down by 4.49% to $17.03, and Clayton Williams Energy Inc. (CWEI) , down by 3.35% to $56 this morning.