WTI crude oil for February delivery was falling 1.9% to $56.02 a barrel Monday morning, and Brent crude oil for February delivery was falling 0.7% to $60.67 a barrel.
Oil prices fell to five-year lows after OPEC announced it would not lower its 2015 production rate in November while U.S. shale oil production increased.
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Curde oil prices will likely bottom out sometime in the first half of 2015, according to a Reuters monthly survey. Reuters expects oil prices to rebound in the second half of the year with a possible slowdown in U.S. shale production.
TheStreet Ratings team rates PACIFIC DRILLING SA as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate PACIFIC DRILLING SA (PACD) 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 generally high debt management risk and generally disappointing historical performance in the stock itself."