NEW YORK (TheStreet) -- Shares of Whiting Petroleum (WLL) are falling by 1.24% to $32.59 in late afternoon trading on Wednesday, as some energy and related stocks slide along with the price of oil, which is lower due to the rise in the dollar.
The dollar pressured oil prices ahead of inventory data from the American Petroleum Institute that is expected out at 4:30 p.m. EDT, Reuters reports, adding that the data is expected to show whether fuel demand increased now that the peak U.S. driving season has begun.
The U.S. government will release its official data on Thursday.
Crude oil (WTI) is down by 0.79% to $57.57 per barrel and Brent crude is declining by 2.51% to $62.12 per barrel this afternoon, according to the CNBC.com index. The dollar is up by 0.22% on The Wall Street Journal dollar index.
Whiting Petroleum is an independent oil and gas company engaged in exploration, development, acquisition, and productive activities in the Rocky Mountain and Permian Basin regions.
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 largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."