Crude Oil for January delivery was down 4.76% to $55.07 on the NYMEX in late afternoon trade today.
Earlier in the day crude futures were modestly higher before retreating again due to OPEC's announcement it will not be moved on its decision to keep oil production the same, MarketWatch reports.
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 SANDRIDGE ENERGY INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SANDRIDGE ENERGY INC (SD) 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 unimpressive growth in net income, weak operating cash flow, generally high debt management risk, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."