Crude oil for February delivery is lower by 2.51% to $52.76 per barrel on the NYMEX this morning.
Oil is making its way toward its biggest annual decline since 2008, Reuters reports. Prices are being pressured by weak demand and a supply glut caused by the boom in U.S. shale and OPEC's decision not to reduce its output.
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Oil prices are under increased pressure on Wednesday as a survey out of China showed the country's factory industry declined in December, the first time in seven months. Reuters calls this a "bearish indication" of the strength of oil demand from the second largest consumer in the world.
Separately, TheStreet Ratings team rates WHITING PETROLEUM CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate WHITING PETROLEUM CORP (WLL) 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 revenue growth, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."