Crude for February delivery is down by 2.19% to $55.88 per barrel this morning.
Oil prices are down due to comments made over the weekend by Saudi energy minister Ali al-Naimi, who said 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.
Separately, TheStreet Ratings team rates SOUTHWESTERN ENERGY CO as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SOUTHWESTERN ENERGY CO (SWN) 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, growth in earnings per share and increase in net income. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year."