Brent crude, which fell to a five-year low of $58.50 last week, was down 1.34% to $60.56 at 10:53 a.m. West Texas Intermediate Crude was down 2.38% to $55.77.
Oil prices have plummeted nearly 50% since the summer amid a global oversupply. Oil producers are continuing to increase production despite the supply glut and weakening demand, and OPEC decided to maintain its production levels at a meeting last month.
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More than 1.3 million shares had changed hands as of 10:53 a.m.
Separately, TheStreet Ratings team rates PRECISION DRILLING CORP as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate PRECISION DRILLING CORP (PDS) 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, compelling growth in net income and attractive valuation levels. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year."