Brent crude was down 0.89% to $68.95 at 12:05 p.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 ENERGY XXI (BERMUDA) as a "sell" with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate ENERGY XXI (BERMUDA) (EXXI) a SELL. This is driven by a few notable 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 feeble growth in its earnings per share, deteriorating net income, generally high debt management risk and disappointing return on equity."