WTI crude oil for July delivery was down 1.3% to $59.97 a barrel Friday afternoon, and Brent crude oil for July delivery was down 2.1% to $63.76 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.
About 14 million shares of Weatherford International were traded by 3:47 p.m. Friday, above the company's average trading volume of about 8.9 million shares a day.
TheStreet Ratings team rates WEATHERFORD INTL PLC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WEATHERFORD INTL PLC (WFT) 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. Among the primary strengths of the company is its generally strong cash flow from operations. At the same time, however, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."