WTI crude oil for July delivery was down 1.2% to $60.69 a barrel Thursday afternoon, and Brent crude oil for a July delivery was down 1.1% to $65 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.
Seadrill is an offshore drilling company with operations in the U.S., the U.K., Brazil, Norway, Thailand, Malaysia, and other countries.
TheStreet Ratings team rates SEADRILL LTD as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SEADRILL LTD (SDRL) 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. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."