Brent crude oil for February delivery fell below $56 a barrel early Wednesday, according to Reuters, and was falling 2.2% to $56.64 a barrel in the afternoon. WTI crude oil for February delivery was falling 2.4% to $52.80 a barrel Wednesday afternoon.
Oil prices came under pressure after a survey showed that China's factory industry shrank for the first time in seven months in December, according to Reuters.
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The price of Brent crude was nearly halved in 2014 while demand growth slowed, U.S. shale production increased, and OPEC announced it would not reduce its production targets for 2015.
TheStreet Ratings team rates EXCO RESOURCES INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate EXCO RESOURCES INC (XCO) a SELL. This is driven by multiple 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."