Crude for February delivery is down 1.94% to $56.02 per barrel on the NYMEX this morning.
Oil prices are down due to comments made by Saudi energy minister Ali al-Naimi over the weekend, saying the nation will maintain its oil production, and is considering an increase if it discovers a new client, MarketWatch reports.
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Since the summer oil prices have fallen almost 50% due to a global oversupply. OPEC recently announced it has no plans to cut its production rate despite the supply gut and a softening of demand.
Other energy and oil related stocks falling today include Denbury Resources Inc. (DNR) , lower by 4.81% to $7.92, Newfield Exploration Co. (NFX) , down by 5.23% to $26.99, and Linn Energy LLC (LINE) , retreating by 5.55% to $11.56 this morning.
Separately, TheStreet Ratings team rates SANDRIDGE ENERGY INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SANDRIDGE ENERGY INC (SD) a SELL. This is driven by a number of negative factors, 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 unimpressive growth in net income, weak operating cash flow, generally high debt management risk, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."