Brent crude fell to $66.77, its lowest price since October 2009, amid concerns of continued oversupply. Brent was down 2.65% to $67.24 at 10:46 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.
Separately, TheStreet Ratings team rates DENBURY RESOURCES INC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate DENBURY RESOURCES INC (DNR) 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 increase in net income, attractive valuation levels and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share."