NEW YORK (TheStreet) -- Shares of Linn Energy LLC (LINE) are down by 6.36% to $13.69 in late morning trading on Wednesday, as the energy sector slumps on the decline in oil prices due to a surprise inventory increase reported by the U.S. government and a report from OPEC stating it slashed its 2015 demand expectations, MarketWatch reports.
On Wednesday, the U.S. Energy Information Administration said oil inventories rose by 1.5 million barrels, for the week ending on December 5, MarketWatch added. Analysts were expecting a decrease in supplies of about 3 million barrels.
The rise in U.S. oil production and the expected decline in demand for crude have been attributed to the drop in crude oil prices, MarketWatch said.
Must Read: Warren Buffett's 25 Favorite Stocks
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Brent crude prices are down by 3.58% to $64.45 this morning.
Earlier today OPEC said it is predicting it will see less demand for its own oil in 2015. The Organization of Petroleum Exporting Countries reduced its 2015 projections by almost 300,000 barrels per day to 28.9 million barrels per day, its lowest figure in 12 years.
Separately, TheStreet Ratings team rates LINN ENERGY LLC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation: