WTI crude oil for August delivery was down 0.9% to $59.72 a barrel Thursday afternoon, and Brent crude oil for August delivery was down 0.6% to $63.14 a barrel.
Oil prices were falling as a result of recent U.S. Energy Information Administration data that has some investors concerned about a possible glut in U.S. gasoline and diesel supplies, according to Reuters. The EIA report showed that U.S. gasoline stockpiles grew by 680,000 barrels in the week ending June 19, above the 304,000 barrel increase analysts surveyed by Reuters expected.
Concerns that talks between Greece and its creditors haven't resulted in an agreement also helped bring oil prices down.
Weatherford International is an Ireland-based oil company with operations in more than 100 countries.
TheStreet Ratings team rates WEATHERFORD INTL PLC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WEATHERFORD INTL PLC (WFT) 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. Among the primary strengths of the company is its generally strong cash flow from operations. At the same time, however, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."