WTI crude oil prices were falling 3.6% to $63.50 Monday morning, and Brent crude oil prices were falling 2.67% to $66.40, the lowest prices since October 2009.
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.
In a note to investors Monday Credit Suisse (CS) named oil pipeline company Williams Companies as one of its stock picks for 2015 despite the current declines in oil prices.
TheStreet Ratings team rates WILLIAMS COS INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate WILLIAMS COS INC (WMB) a BUY. This is driven by a number of 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 revenue growth, solid stock price performance, compelling growth in net income, expanding profit margins and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."