Brent crude for January delivery fell $1.57 to $60.28 a barrel in Asian trade, its lowest price since July 2009. Brent then rallied and was trading at $61.55 at 11:11 a.m.
Oil prices have been sliding for months and continue to decline near the year's end as OPEC pledged to maintain production despite a global oversupply. The organization has said cutting output would have little effect on price and would only lead to a surrender of some market share, according to CNBC.
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"The decision has been made. Things will be left as is," OPEC Secretary-General Abdullah al-Badri said at a conference in Dubai on Sunday. "We agreed that it is important to continue with production (at current levels) for the...coming period."
Separately, TheStreet Ratings team rates BREITBURN ENERGY PARTNERS LP as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate BREITBURN ENERGY PARTNERS LP (BBEP) 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, growth in earnings per share and increase in net income. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and a generally disappointing performance in the stock itself."