NEW YORK (TheStreet) -- Shares of Oasis Petroleum (OAS) slid to a 52-week low of $11.01 as Brent and West Texas Intermediate crudes dropped to a five-year low after OPEC said it expects demand for its crude next year to be the lowest since 2003.
The Organization of Petroleum Exporting Countries lowered its projection for 2015 by about 300,000 barrels a day, to 28.9 million a day, Bloomberg said.
That's about 1.15 million a day less than the group's 12 members pumped last month, and the 30-million barrel target they reaffirmed at a meeting in Vienna on Nov. 27. The impact of this year's 40% price collapse on supply and demand remains unclear, OPEC said, according to Bloomberg.
Brent for January settlement decreased 2.53% to $65.15 a barrel at 10:45 a.m. in New York after touching $65.24, the lowest since September 2009.
West Texas Intermediate for January delivery fell 2.88% to $61.98 a barrel on the New York Mercantile Exchange after touching $61.97, the lowest since July 2009.
Separately, TheStreet Ratings team rates OASIS PETROLEUM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate OASIS PETROLEUM INC (OAS) 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 robust revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and a generally disappointing performance in the stock itself."