Brent crude fell to $66.77, its lowest price since October 2009, amid concerns of continued oversupply. Brent then fell further to $66.70 at 11:17 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 OCCIDENTAL PETROLEUM CORP as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate OCCIDENTAL PETROLEUM CORP (OXY) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."