NEW YORK (TheStreet) -- Shares of Schlumberger (SLB) are declining, lower by 1.49% to $85.15 in late morning trading on Wednesday, after brent crude oil prices hit a new five and a half year low of $52.51 a barrel earlier this morning, CNBC reports.
WTI crude for February delivery was down 2.55% to $52.74 per barrel as of 10:44 a.m. ET today.
Oil prices are under increased pressure after a survey showed that China's factory industry declined in December for the first time in seven months, Reuters reports.
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This morning the U.S. government's Energy Information Administration reported that U.S. commercial crude inventories fell by 1.8 million barrels last week, more than a Reuters poll forecast of a drop of 900,000 barrels.
Separately, TheStreet Ratings team rates SCHLUMBERGER LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate SCHLUMBERGER LTD (SLB) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share, good cash flow from operations and increase in net income. We feel these strengths outweigh the fact that the company shows low profit margins."