WTI crude oil for February delivery was falling 2.6% to $55.63 a barrel Wednesday morning, while Brent crude oil for February delivery was falling 2.6% to $60.07 a barrel.
Last month, OPEC announced that it would not lower its target production rate for 2015 despite recent increases in global supply due to increase in U.S. shale production, which helped bring oil prices lower.
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Last week, the International Energy Association lowered its outlook for 2015 global oil demand growth by 230 million barrels of oil a day to 900 million barrels of oil a day.
TheStreet Ratings team rates OASIS PETROLEUM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate OASIS PETROLEUM INC (OAS) 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 robust revenue growth, notable return on equity and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and a generally disappointing performance in the stock itself."