NEW YORK (TheStreet) -- BP (BP) shares are down 0.81% to $84.26 in afternoon trading on Thursday as oil prices declined today, pressuring the entire sector.
The fall in crude prices comes despite the fifth straight week of declining U.S. crude supplies in an already oversupplied market.
The glut of supply currently on the market is the reason for the oil price decline from over $100 a barrel over the past 12 months.
The Organization of the Petroleum Exporting Countries (OPEC) refusal to cut production is tied to its goal of maintaining market share as U.S. shale production continues to mature and prices have suffered as a result.
Investors have a negative view ahead of the OPEC meeting in Vienna on Friday at which the cartel is expected to set its production policy for the next six months.
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.
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: