Brent crude fell more than 4% to a session low of $65.93 a barrel, its lowest point since October 2009, according to CNBC. WTI Crude also dropped below $63 for the first time since July 2009.
The price drop occurred after Morgan Stanley reduced its 2015 forecast for Brent crude in a research note issued late Friday. The firm said Brent could drop to as low as $53 a barrel next year, although it forecast a base case scenario of $70. Morgan Stanley had previously expected $98 a barrel.
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"Without OPEC intervention, markets risk becoming unbalanced, with peak oversupply likely in the second quarter of 2015. Prices are set up to fall in the first half of 2015," the firm wrote.
Separately, TheStreet Ratings team rates HALCON RESOURCES CORP as a "sell" with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate HALCON RESOURCES CORP (HK) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk and generally disappointing historical performance in the stock itself."