Brent crude declined to $67.53 a barrel on Monday, its lowest price since October 2009, according to BBC News. U.S. crude dropped 50 cents to $65.65 a barrel and hit an intraday low of $63.72, the lowest price since July 2009.
OPEC decided last week not to cut oil production and to keep its target at 30 million barrels per day, a move that could leave the market oversupplied. The announcement sent oil prices spiraling downward, a trend that continued into Monday.
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More than 3.4 million shares had changed hands as of 11:23 a.m., compared to the daily average volume of 2,929,230.
Separately, TheStreet Ratings team rates CONTINENTAL RESOURCES INC as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate CONTINENTAL RESOURCES INC (CLR) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins, good cash flow from operations, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."