NEW YORK (TheStreet) -- Shares of Oasis Petroleum (OAS) are down by 1.75% to $15.99 in mid-afternoon trading on Wednesday, as declining oil prices drive some energy and related stocks into the red today.
Crude oil (WTI) is falling by 1.23% to $60.26 per barrel and Brent crude is slipping by 1.46% to $63.51 per barrel this afternoon, according to the CNBC.com index.
The commodity is slumping after data from the Energy Information Administration showed an unexpected rise in gasoline stocks, but a greater than expected decline in U.S. crude inventories, Reuters reports.
The dollar, impacted by the uncertain progress in Greece, also weighed on oil prices.
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.
Separately, TheStreet Ratings team rates OASIS PETROLEUM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate OASIS PETROLEUM INC (OAS) 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 reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."