Crude for February delivery is down 2.77% to $55.55 on the NYMEX this afternoon.
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 TRANSOCEAN LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate TRANSOCEAN LTD (RIG) a SELL. This is driven by multiple 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 deteriorating net income, disappointing return on equity and generally disappointing historical performance in the stock itself."