Brent crude fell to $66.77, its lowest price since October 2009, amid concerns of continued oversupply. Brent was down 2.66% to $67.23 at 10:33 a.m., according to CNBC.
Oil prices fell late last week 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.
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OPEC recently announced that it would maintain its oil production target of 30 million barrels a day, which helped bring down oil prices.
Whiting Petroleum also announced Monday it had completed its acquisition of Kodiak Oil & Gas.
Separately, TheStreet Ratings team rates WHITING PETROLEUM CORP as a "hold" with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate WHITING PETROLEUM CORP (WLL) 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, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."