NEW YORK (TheStreet) -- Shares of Weatherford International (WFT) were declining, lower by 1.39% to $14.16 in midday trading Thursday, as oil prices tumble after the World Bank cut its global economic growth forecast, according to Reuters.
The World Bank expects the global economy to expand 2.8% this year, lower compared to its prior 3% estimate from January.
Brent crude for July delivery was lower by 1.55% to $64.68 a barrel as of 11:15 a.m. ET, while U.S. crude for July delivery was down 1.81% to $60.32 a barrel today.
Yesterday, crude prices rallied following the release of the Energy Information Administration data showing a bigger than expected drop in inventories.
According to the EIA, crude stocks fell by 6.8 million barrels last week, much higher compared to the decline of 1.7 million barrels analysts were expecting.
Crude stocks at the Cushing, Okla. delivery hub dropped by 1.024 million barrels, the EIA reported.
Refineries increased output, while gasoline stocks decreased and distillate inventories increased, Reuters noted.
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."