WTI crude oil for July delivery was down 1.1% to $60.09 a barrel Friday morning, and Brent crude oil for July delivery was down 1% to $64.46 a barrel.
Oil prices were falling Friday due to concerns about oversupply before the release of the latest U.S. oil drilling data, according to the Wall Street Journal. Forecasts call for the global supply of crude oil to shrink due to growing demand and less drilling, but some U.S. companies said they can increase production if oil prices remain above $60, accord to the Journal.
On Thursday, the International Energy Agency said the recent strength in the oil market was due to stronger demand for the commodity in the first quarter.
Transocean is a Switzerland-based offshore drilling contractor that rents floating mobile drill rigs along with equipment and personnel to oil companies.
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."