WTI crude prices fell to $66.50 per barrel on Thursday after a brief rebound earlier this week. Brent crude was down 0.6% to $69.50 at 2:51 p.m.
One factor weighing down oil prices today is the remarks of European Central Bank president Mario Draghi, who spoke Thursday after the ECB's most recent monetary policy decision to keep rates unchanged, according to Business Insider.
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Draghi said in his remarks that declining oil prices are "unambiguously positive."
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 for much of this week.
Separately, TheStreet Ratings team rates MAGNUM HUNTER RESOURCES CORP as a "sell" with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate MAGNUM HUNTER RESOURCES CORP (MHR) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow, poor profit margins and generally disappointing historical performance in the stock itself."