Brent crude rallied in morning trading Thursday after the benchmark fell to a five-year low of $58.50 earlier this week, according to CNBC. But after the morning rally, Brent futures for January delivery were down 0.8% to $60.69 at 1:14 p.m. WTI Crude traded down 0.81% to $56.01.
The morning oil price recovery stemmed in part from data released by the Energy Information Administration on Wednesday that showed crude inventories declined by 800,000 barrels to 379.9 million in the week ended Dec. 12.
Oil prices have plummeted nearly 50% since the summer amid a global oversupply. Oil producers are continuing to increase production despite the supply glut and weakening demand, and OPEC decided to maintain its production levels at a meeting last month.
Separately, TheStreet Ratings team rates LAREDO PETROLEUM INC as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate LAREDO PETROLEUM INC (LPI) a SELL. This is driven by a few notable weaknesses, 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 generally high debt management risk and generally disappointing historical performance in the stock itself."