WTI crude oil for August delivery was down 0.9% to $59.71 a barrel Thursday afternoon, and Brent crude oil for August delivery was down 0.5% to $63.18 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.
Seadrill is an offshore drilling company with operations in the U.S., the U.K., Brazil, Norway, Thailand, Malaysia, and other countries.
TheStreet Ratings team rates SEADRILL LTD as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SEADRILL LTD (SDRL) 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 revenue growth, attractive valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."