Industry standard Brent crude oil fell below $56 a barrel in early trading today although it has recovered to settle at $57.34 a barrel, a 0.97% decline from its opening price.
Exclusive Report: Jim Cramer's Best Stocks for 2015
Oil prices have been flirting with five year lows since November when OPEC officials announced that they would not cut oil production, despite market supply surpluses, in an effort to maintain its market share.
However, also affecting oil prices today is news out of China that the country's factory production declined in December for the first time in seven months, according to Reuters. Analysts at the news agency see this development as an indication that the demand for oil in the country is waning.
TheStreet Ratings team rates TRANSOCEAN LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate TRANSOCEAN LTD (RIG) 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 deteriorating net income, disappointing return on equity and generally disappointing historical performance in the stock itself."