Brent crude oil for January delivery was falling to 1.5% to $60.91 a barrel Monday morning, and WTI crude oil for January delivery was falling 3.6% to $55.73 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.
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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 ENCANA CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ENCANA CORP (ECA) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, attractive valuation levels and expanding profit margins. We feel these strengths outweigh the fact that the company shows weak operating cash flow."