The commodity is falling after Saudi Arabia, the world's top crude exporter, said it is prepared to increase its output to new record highs, adding to concerns regarding the global supply glut, Reuters reports.
Crude oil (WTI) is lower by 1.35% to $59.95 per barrel and Brent crude is slipping by 1.14% to $64.17 per barrel this morning, according to the CNBC.com index.
Saudi Arabia is said to be in discussions with Indian buyers to supply more crude, which means the exporter could surpass its 10.3 million barrels produced per day record reached in May, Reuters added.
Oasis Petroleum is a Houston, TX-based independent exploration and production company.
Separately, TheStreet Ratings team rates OASIS PETROLEUM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate OASIS PETROLEUM INC (OAS) 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 reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."