Brent crude, which fell to a five-year low of $58.50 last week, was down 1.96% to $60.18 at 12:22 p.m. West Texas Intermediate Crude was down 2.89% to $55.48.
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 2.7 million shares had changed hands as of 12:22 p.m.
Separately, 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 several 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."
Highlights from the analysis by TheStreet Ratings Team goes as follows: