WTI crude oil prices were falling 3.8% to $63.31 as of 11:53 a.m. Monday, and Brent crude oil prices were falling 4.2% to $66.14, 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.
TheStreet Ratings team rates WPX ENERGY INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WPX ENERGY INC (WPX) 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, increase in net income and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and a generally disappointing performance in the stock itself."