NEW YORK (TheStreet) -- Halliburton (HAL) shares are down 0.46% to $45.27 in early market trading on Monday as oil prices fall in trading due to a strengthening dollar and a potential increase in output from Libya and Yemen, according to Reuters.
Prices are falling as the possibility of a default by Greece on its outstanding debt pushed the dollar higher in trading.
Peace talks between Saudi Arabia and Yemen, which is strategically positioned along oil supply routes in the Gulf of Aden and involved in a prolonged civil war, is also putting pressure on the oil sector today. A cease fire between the two countries could increase crude supplies in an already saturated market.
Meanwhile, Libya has also increased its output despite its own protracted civil war.
Industry standard Brent crude for July delivery is down 1.86%, or $1.19, to $62.68 per barrel while West Texas crude for July delivery is down 0.95%, or 57 cents, to $59.39 per barrel.
Halliburton shares closed Friday trading down 0.31% after Saudi Arabia said that it is prepared to raise its oil output to record heights.
The country said that it was in discussions with India to increase exports to the country.
TheStreet Ratings team rates HALLIBURTON CO as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate HALLIBURTON CO (HAL) 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 largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."