WTI crude oil for February delivery was falling 2.9% to $55.47 a barrel Wednesday afternoon, while Brent crude oil for February delivery was falling 1.8% to $59.88 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.
Exclusive Report: Jim Cramer's Best Stocks for 2015
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 NOBLE CORP PLC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate NOBLE CORP PLC (NE) 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, attractive valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and a generally disappointing performance in the stock itself."