WTI crude oil for July delivery was down 1.3% to $60 a barrel Friday afternoon, and Brent crude oil for July delivery was down 1.3% to $63.79 a barrel.
Oil prices fell Friday due to investors' concerns over Saudi Arabia's willingness to raise its oil production to record highs, according to Reuters. Saudi Arabia said Thursday it was talking to Indian buyers about supplying more oil, which could bring the country's production rate over the record 10.3 million barrels of oil a day it produced in May.
Concerns over Greece's debt crisis also helped keep oil prices lower as they help keep the dollar strong against the euro.
SandRidge Energy is an oil and natural gas exploration company based in Oklahoma City.
TheStreet Ratings team rates SANDRIDGE ENERGY INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate SANDRIDGE ENERGY INC (SD) a SELL. This is driven by a few notable 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, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."