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 $61.32 at 11:34 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 PENN WEST PETROLEUM LTD as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate PENN WEST PETROLEUM LTD (PWE) a SELL. This is driven by some concerns, 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 feeble growth in its earnings per share, deteriorating net income, disappointing return on equity and generally disappointing historical performance in the stock itself."