NEW YORK (TheStreet) -- Shares of Eagle Rock Energy Partners LP (EROC) are plummeting, down 10.98% to $2.19 on heavy trading Friday afternoon, as oil prices continue to decline to their lowest since May 2009 on concerns over a global supply glut and weak demand. Oil stocks continue to decline, CNBC reports.
U.S. WTI crude closed down $2.14 at $57.81 per barrel, the lowest since May 2009, for a total loss of 11% this week, CNBC added.
Brent crude was slipping, down 2.45% to $62.12 per barrel this afternoon, after hitting a low of $61.35 a barrel -- the lowest since July 22, 2009.
Earlier this week, the U.S. Energy Information Administration lowered its forecast for international oil consumption in 2015 to 92.32 million barrels a day, lower than its previous estimate of 92.5 million barrels a day.
The International Energy Agency also said oil prices would likely come under further pressure, lowering its outlook for demand growth in 2015 and predicting that non-OPEC output gains would increase global supplies, according to CNBC.
About 3.31 million shares have traded hands as of 3:49 p.m., compared to its average trading volume of about 997,020 shares a day.