NEW YORK (TheStreet) -- Shares of Oasis Petroleum (OAS) are falling, lower by 3% to $11.96 on heavy volume in midday trading Monday, as oil prices continue to tumble as the Organization of Petroleum Exporting Countries restated its determination not to cut output despite a global fuel surplus, CNBC reports.
Oil prices are continuing to fall as WTI crude oil for January delivery are down 2.28% to $56.49 per barrel as of 12:14 p.m. today. Brent crude is also down 0.91% to $61.29 per barrel.
U.S. crude hit five-and-a-half year lows earlier this morning with signs that oil prices may have just about bottomed, said former CEO of Gulf Oil Joe Petrowski, CNBC reports.
WTI crude dropped to $56.25 a barrel in early trading, its lowest level since May 2009.
About 6.41 million shares of Oasis Petroleum had changed hands as of 12:19 p.m. today, compared to the average volume of about 5.89 million shares a day.
Separately, TheStreet Ratings team rates OASIS PETROLEUM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate OASIS PETROLEUM INC (OAS) 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, notable return on equity and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and a generally disappointing performance in the stock itself."