NEW YORK (TheStreet) -- Exxon Mobil (XOM) shares are down 0.9% to $84.18 in afternoon trading on Thursday as falling oil prices put negative pressure on the sector today.
The fall in crude prices comes despite the fifth straight week of declining U.S. crude supplies in an already oversupplied market.
U.S. crude futures closed trading down 2.75%, or $1.64, to $58.00 a barrel, its lowest closing this week.
Industry standard Brent crude for July delivery is down 2.71% to $62.07 per barrel, while West Texas crude for July delivery is down 2.7% to $58.03 in trading today.
However, investors also have a negative view ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna on Friday at which the cartel is expected to set its production policy for the next six months.
When OPEC last met in November the group agreed to keep production at 30 million barrels a day.
The International Energy Agency estimated that the cartel produced 31.2 million barrels per day in April, its highest output since 2012, according to USA Today.
TheStreet Ratings team rates EXXON MOBIL CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate EXXON MOBIL CORP (XOM) 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 reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, poor profit margins and weak operating cash flow."