WTI crude oil for July delivery was down 0.9% to $59.44 a barrel Monday morning, and Brent crude oil for July delivery was down 1.8% to $62.70 a barrel.
Oil prices were falling Monday as the dollar gained strength due to the debt crisis in Greece and concerns over global oversupply, according to the Wall Street Journal. Analysts said that Saudi Arabia and Libya could soon raise their oil output while Iraq is producing at near-record levels, according to the Journal.
Talks with Iran could lead to the country outputting more oil to contribute more to the global oversupply. Analysts told the Journal global oil supplies increase at a rate of about 2 million barrels a day.
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."