Oil prices hit new five year lows on Monday, as OPEC showed no signs it is ready or willing to cut oil production, MarketWatch reports.
Crude oil for January delivery is down 2.25% to $56.51 on the NYMEX in late morning trading today.
On Sunday, the head of OPEC, Abdallah Salem el-Badri, said the group doesn't have a target price for oil, and urged Gulf States to keep investing in exploration, saying the U.S. will continue to rely on crude out of the Middle East for many years, Reuters reported.
OPEC said it's standing by its decision and will not meet again to discuss output for at least three months, Bloomberg reports.
"We are not going to change our minds because the prices went to $60 or to $40. The market will stabilize itself," U.A.E. Energy Minister Suhail Al-Mazrouei told Bloomberg.
Separately, TheStreet Ratings team rates WHITING PETROLEUM CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate WHITING PETROLEUM CORP (WLL) 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 revenue growth, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."