WTI crude oil prices were falling 4% to $63.19 a barrel Monday afternoon, and Brent crude oil prices were falling 4% to $66.29 after falling as low as $66.14 a barrel, 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 CONTINENTAL RESOURCES INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate CONTINENTAL RESOURCES INC (CLR) 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 robust revenue growth, expanding profit margins, good cash flow from operations, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."