Global crude prices are falling, a day after a short-lived surge from the morning, as investors 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.
Switzerland-based Transocean is an international provider of offshore contract drilling services for oil and gas wells, operating in contract drilling services and drilling management services.
About 19.26 million shares of Transocean have traded hands as of 2:50 p.m. ET, compared to its average trading volume of 16.05 million shares a day.
Separately, TheStreet Ratings team rates TRANSOCEAN LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation: