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.
U.S. crude for January settlement ended the session down by more than $2 per barrel, at $54.11 per barrel, off a session-high of $58.73, according to CNBC.
About 22.04 million shares of Seadrill traded hands as of 4:45 p.m. ET, compared to its average trading volume of 17.04 million shares a day.
Separately, TheStreet Ratings team rates SEADRILL LTD as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SEADRILL LTD (SDRL) 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, notable return on equity and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, generally higher debt management risk and weak operating cash flow."