Brent crude oil for February delivery gained 3.1% to $61.13 a barrel Friday afternoon, after hitting a five-year low of$58.50 earlier in the week. WTI crude oil for January delivery gained 4.5% to $56.56 a barrel.
Despite the slight recovery oil prices were still on track for a fourth week of declines after OPEC decided to not reduce its production rate, according to Reuters.
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"Following the long and steep decline in oil prices, we have seen some buying interest in recent days," Newedge commodity sales manager Ken Hasegawa told Reuters. "But there is still a lot of selling pressure."
TheStreet Ratings team rates ENERGY XXI LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate ENERGY XXI LTD (EXXI) 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 feeble growth in its earnings per share, deteriorating net income, generally high debt management risk and disappointing return on equity."