The commodity is falling as Chinese oil imports decline and due to last week's announcement from OPEC that it will keep its production rate the same despite the global supply glut, MarketWatch reports.
Crude oil (WTI) is lower by 1.44% to $58.28 per barrel and Brent crude is slipping by 0.87% to $62.76 per barrel this afternoon, according to the CNBC.com index.
Data from China showed that the country's May crude-oil imports fell by 11% from the same month last year.
"With the OPEC news behind us and the cartel doing what the world expected, focus now turns to the deadline of the Iran nuclear deal on June 30," Schneider Electric Oil analyst Brain Swan told MarketWatch.
If oil sanctions on the country are lifted it could result in more oil from Iran flooding the market.
Denbury Resources is a Plano, TX.-based independent oil and gas exploration and production company.
Separately, TheStreet Ratings team rates DENBURY RESOURCES INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
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