WTI crude oil for July delivery was down 1.5% to $60.52 a barrel early Thursday afternoon, and Brent crude oil for a July delivery was down 1.5% to $64.69 a barrel.
Oil prices were falling as the U.S. dollar rallied against the euro due to concerns about Greek debt, according to Reuters. The weakness in the euro comes after International Monetary Fund spokesman Gerry Rice said "there are still "major differences" with Greece over an agreement to keep the country out of bankruptcy, according to the news service.
A stronger dollar makes commodities such as oil, which is priced in dollars, more expensive to investors using other currencies, which can help bring prices down.
Transocean is a Switzerland-based offshore drilling contractor that rents floating mobile drill rigs along with equipment and personnel for operations.
TheStreet Ratings team rates TRANSOCEAN LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate TRANSOCEAN LTD (RIG) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."