NEW YORK (TheStreet) -- Shares of Linn Energy (LINE) are tanking, down 17.82% to $9.87 on very heavy trading volume Monday afternoon, as oil stocks continue to slip today as oil prices hit its lowest level since May of 2009, falling by nearly half in just six months, the Associated Press reports.
Oil prices continue to tumble as the Organization of Petroleum Exporting Countries said it would stick to its decision to not cut output despite a global fuel surplus, CNBC reports.
Also, WTI crude oil prices for January delivery are down 4.74% to $55.04 per barrel as of 3:43 p.m. today. Brent crude is down 2.67% to $60.20 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.
OPEC recently decided to maintain its production ceiling and keep its target at 30 million barrels per day instead of cutting production to raise prices, Bloomberg reported.
Yesterday OPEC Secretary-General Abdullah al-Badri said at a conference, "The decision has been made. Things will be left as is. We agreed that it is important to continue with production (at current levels) for the...coming period."
About 13.24 million shares of Linn Energy have changed hands as of 3:40 p.m. today, compared to the average volume of about 3.39 million shares a day.