Brent crude oil for January delivery was falling to 0.3% to $61.68 a barrel Monday morning, and WTI crude oil for January delivery was falling 1.5% to $56.92 a barrel.
Crude oil prices have fallen more than 45% since the summer when U.S. and Libyan producers ramped up production though demand remained moderate, according to the Wall Street Journal.
Must Read: Warren Buffett's 25 Favorite Stocks
Last Friday, the International Energy Agency reduced its 2015 demand growth forecast by 230,000 to 900,000 based on lower fuel consumption estimates in Russia, which helped bring oil prices down.
TheStreet Ratings team rates MAGNUM HUNTER RESOURCES CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate MAGNUM HUNTER RESOURCES CORP (MHR) 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 generally high debt management risk, disappointing return on equity, weak operating cash flow, poor profit margins and generally disappointing historical performance in the stock itself."