NEW YORK (TheStreet) -- Shares of Oasis Petroleum Inc. (OAS) are lower by 5.06% to $15.02 in early afternoon trading on Thursday, as energy stocks decline due to the slump in oil prices.
Oil prices were down to $66.25 per barrel on Thursday, after Saudi Arabia slashed the price of its oil in the U.S., which added to worries that it is more concerned with keeping market share than raising prices, the Wall Street Journal reports.
Saudi Aramco, a state run oil company, said on Thursday that it lowered its official selling price for all oil grades heading to Asia in January, between $1.50 per barrel and $1.90 per barrel. It also cut its prices for all crude grades to the U.S., between 10 cents and 90 cents per barrel, the Journal said.
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Oil prices have been on the decline for months as the growth in global supply, especially from the U.S., has exceeded demand, the Journal added.
Last week oil prices took a hit when OPEC announced it made the decision it would not cut oil production.
Another possible factor weighing down oil prices is comments made by Mario Draghi, the president of the European Central Bank, after the ECB announced its most recent policy decision, which is keeping its main interest rate unchanged, the Miami Herald reports.