NEW YORK (TheStreet) -- Shares of Weatherford International (WFT) were sliding, down 2.15% to $13.85 in afternoon trading Monday, as oil prices stumble on lower Chinese demand and concerns over the Organization of the Petroleum Exporting Countries' decision to pump without restraint, according to Reuters.
In May, China purchased 25% less crude oil compared to the previous month. China is the world's top net oil importer, Reuters noted.
On Friday, OPEC said it plans to keep its production target of 30 million barrels per day.
Brent crude for July delivery was lower by 1.04% to $62.65 a barrel as of 1:11 p.m. ET, while U.S. crude for July delivery was down 1.69% to $58.13 a barrel as of 1:10 p.m. today.
Geneva-based Weatherford International provides equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells.
Separately, TheStreet Ratings team rates WEATHERFORD INTL PLC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WEATHERFORD INTL PLC (WFT) 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. Among the primary strengths of the company is its generally strong cash flow from operations. At the same time, however, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."