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 1.13% to $60.49 at 1:52 p.m. WTI Crude traded down 1.13% to $55.83.
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 PATTERSON-UTI ENERGY INC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate PATTERSON-UTI ENERGY INC (PTEN) 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 revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."