Brent crude rose to approximately $60 a barrel early Monday amid concerns about disruptions to Libyan output, according to Reuters. Libya is producing just 128,000 barrels per day, as port blockades and protests have caused output in the OPEC member nation to plummet from the 1.6 million barrels per day it was producing in 2011 before the removal of former prime minister Muammar Gaddafi.
A rocket attack last week on storage tanks at the port of Es Sider caused a fire that further harmed Libya's oil infrastructure.
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But West Texas Intermediate crude for February delivery touched $53.52 on Monday, its lowest price since May 2009. WTI crude was down 1.96% to $53.66 at 2:58 p.m., while Brent was down 2.49% to $57.97, according to CNBC.
Separately, TheStreet Ratings team rates HALCON RESOURCES CORP as a "sell" with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate HALCON RESOURCES CORP (HK) 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 generally high debt management risk and generally disappointing historical performance in the stock itself."