The commodity is down today after the Energy Information Administration reported a greater than expected decline in U.S. crude inventories and an unexpected rise in gasoline stocks, Reuters reports.
Crude oil (WTI) is falling by 1.38% to $60.17 per barrel and Brent crude is slipping by 1.66% to $63.38 per barrel this afternoon, according to the CNBC.com index.
Gasoline stocks increased by 680,000 barrels last week. Analysts polled by Reuters had forecast for a 304,000-barrel drop.
Crude inventories declined by 4.9 million barrels last week, while analysts were expecting a 2.1 million barrel reduction.
Other oil and related stocks dropping today include Penn Virgin (PVA), down by 2.67% to $4.37, Halcon Resources (HK), lower by 2.27% to $1.29 and Magnum Hunter Resources (MHR), slipping by 1.14% to $1.74 this afternoon.
Separately, TheStreet Ratings team rates DENBURY RESOURCES INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate DENBURY RESOURCES INC (DNR) a SELL. This is driven by some concerns, 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 unimpressive growth in net income, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."