WTI crude oil for July delivery was down 0.8% to $59.50 a barrel Monday morning, and Brent crude oil for July delivery was down 1.9% to $62.64 a barrel.
Oil prices were falling on 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.
Noble Corp. is a British company that operates as a major contract driller of oil and natural gas wells. The company largely focuses on ultra-deepwater and high-specification jack-up drilling opportunities.
TheStreet Ratings team rates NOBLE CORP PLC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NOBLE CORP PLC (NE) 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 disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."