Global crude prices are falling, a day after a short-lived rally and gains from the morning, as traders worry about a global supply glut, CNBC reports.
Traders also cited a Bloomberg report that a Nigerian port workers union had suspended a strike, CNBC added. The stoppage was aimed at curbing local fuel supply and exports, Bloomberg reports.
Brent crude for February delivery is down 2.81% to $59.46 a barrel as of 2:36 p.m. ET today, after trading as high as $63.70 earlier in the morning.
WTI Crude for January delivery, which expires after Friday's settlement, is lower by 3.59% to $54.44 a barrel as of 2:35 p.m. ET, off a session-high of $58.73.
Houston, TX-based Halliburton is an oilfield services company, providing services and products to the energy industry related to the exploration, development, and production of oil and natural gas.
Separately, TheStreet Ratings team rates HALLIBURTON CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate HALLIBURTON CO (HAL) 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 revenue growth, compelling growth in net income, attractive valuation levels, impressive record of earnings per share growth and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows weak operating cash flow."