WTI crude oil prices were falling 2.3% to $64.34 Monday morning, and Brent crude oil prices were falling 2.6% to $67.30. Brent oil prices fell as low at $66.77 on Monday, according to Reuters.
The new low continues recent declines in oil futures. Oil prices fell late last week after European Central Bank president Mario Draghi said the bank will not change its rates, according to Business Insider. Draghi said that lower oil prices were "unambiguously positive" during the press conference, which may have put pressure on oil prices.
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OPEC also recently announced that it will no lower its oil production targets of 30 million barrels a day, which helped contribute to recent declines in oil prices.
TheStreet Ratings team rates SANDRIDGE ENERGY INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SANDRIDGE ENERGY INC (SD) 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 expanding profit margins and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and generally higher debt management risk."