Brent crude was down 1.38% to $68.68 at 11:40 a.m., according to CNBC.
Oil prices recovered somewhat earlier this week but resumed their decline on Thursday after European Central Bank president Mario Draghi announced the bank would leave its rates unchanged, according to Business Insider.
During the press conference, Draghi called the falling price of oil "unambiguously positive," which may have put pressure on oil prices.
Last week, OPEC announced that it would maintain its oil production target of 30 million barrels a day, which helped bring down oil prices.
Separately, TheStreet Ratings team rates NABORS INDUSTRIES LTD as a "hold" with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NABORS INDUSTRIES LTD (NBR) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and poor profit margins."